c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c8cec c c c c8cec c c c c c cPdddTg ddfcddcf cPddTcg cPddTcg PdTcg cPddTcg cdTgPdcf cPddch Pdcg ddfP@cf cdTgPdcf PdTcg cPddTcg cPddTcg cPddTcg PdddTcg cPddch cPddTcg cUScec cdddddTugc PddTgc cdddhc cUScec cdddddTfc cdddddTfc c c c cUdcedIg ddfcddcf 8`ccfAg cFwcsGg c8ddcg 8@ws9Ag 8`ccfAg cddIgUddcf c8dddch ddec8@cf cddIgUddcf cFwcsGg 8@ws9Ag 8`ccfAg 8`ccfAg 8Hwcs9Ag c8dddch 8@ws9Ag tdrcec cddccs9ddcfc c8@ws9Acfc tdrcec tdddvcgc cddccs9Acec cddccs9Acec c c c cddceddg ddfcddcf UdfdIg cUrcexIg Fddcg dde8@g 8HccxdIg UdfdIg cdddvcectdddcf cddch cdddvcectdddcf cUrcexIg 8HccxdIg UdfdIg UdfdIg cxdIg 8HccxdIg cddch USfc cddcexddcfc USfc 8@e9Afc UdcdIcgc cddcexdIcec cddcexdIcec c c c cQdvctdSg cFcddcg ddfcddcf ddfddg tdfcdvcf ddg ddc8@cg cdddIcecUdddcf ddfddg cdddIcecUdddcf cddch ddg tdfcdvcf ddfddg ddfddg ddf ctdSg ddg cddch ctdrfc ctdrfc cddcecddcfc UdrcecxdIfc dScQdcgc cddcecddcec cddcecddcec cPdTPdfccPdTfc PdddTcec Fccddcg cxdAc8drg ddfcddcf ddvcctddg UdfcdIcf ctdSg dd8@h cddcdvetdcddcf ctdSg ddvcctddg cddcdvetdcddcf cddch UdfcdIcf ddvcctddg ddvcctddg ddf ctdSg y8@g cddch cUScfc cUScfc cddcetdScfc ddgddfc ctdrcxdvgc cddcetdScec cddcetdScec 8@ws9ddfc8`cfAcec UdecdIcec cFecddcg ctdddddvg dddddddddcf QdAuy8ddg ddfcddcf 8@g ddddhe cddcQIeUScddcf 8@g ddfcddcf QdAuy8ddg cddcQIeUScddcf cddch QdAuy8ddg QdAuy8ddg 8@g ddddh cddch tdrcfc tdrcfc cddccy8@cfc ddgddfc cUdcedIgc cddccy8@cec cddccy8@cec UdrccxddfcUdecdIcec ddecddcec cUcecddcg 8@wcs9Acf ddfcddcf Rddddddg ddfcddcf c8@cg dd9Ah cddcxdedrcddcf c8@cg ddfcddcf Rddddddg Rddddddg cddcxdedrcddcf cddch Rddddddg c8@cg s9Ag cddch USgc USgc cddddddrgc ddgddfc tdSceQdvcfc ddfddfcddecddcec cdddddHfc cdddddHfc cddcec cddddddddddcf UdrcexdIcf ddfcddcf ddg QdfcdScf 8@h ddc9Acg cddccQddSccddcf 8@h QdfcdScf ddg ddg ddg cddccQddSccddcf cddch 8@h cxdIg ctdrgc cddch ctdrgc cddcs9dvgc ddgddfc ddfddfcdddddddcec UdcedIcfc cddchc cddchc Pdddddcec ddfcddcf cddcg ddfcddcf ddg xdfcdrcf dde9Ag c8@ch cddccxddrccddcf xdfcdrcf c8@ch ddg ddg ddg cddccxddrccddcf cddch c8@ch ddg cUScgc cddch cUScgc cddccxdIgc QdvcectdSfc ddfddfcddhc dddddddddcfc cddchc cddchc Udecddcec QdvcetdScf ddfcddcf ctdSg cQvcetSg cddcg ddec9Acf cddceddecddcf 8@he cQvcetSg ctdSg 8@he ctdSg ctdSg cddceddecddcf cddch ctdSg 8@he tdrcgc cddch tdrcgc cddceQdvcfc 9Ae8@fc QdvcctddfcQdvcgc ctd@wces9dvfc cddchc cddchc ddetddcec cGucy8@g 9Aucy8@cf ddfcddcf cGucyFg ddf9Af cddcg cddcgcddcf Udche cGucy8@g cGucyFg cGucy8@g cGucy8@g Udche ddf cddcgcddcf cddch 9Tucy8@g Udche UShc cddch UShc cddcexdAfc 9Auy8ddfc9AuyP@cec c9Auy8@cfc cUdrfcxdIfc cddchc cddchc Qdcy8ddcec cRddHcg RdHcg cRdddHg ddfcddcf ddfcRAf cddcg cddcgcddcf cRddHcg RdHcg cRddHcg cRddHcg ddddddddg ddf ddddddddg RdddHcg cddcgcddcf cddch ddddddddg @hc cddch @hc cRdHddfccRddHcec cddcecddAfc RddHgc cddcgddfc cddchc cddchc RdHRdcec c c c ctdSfc c c c c c c c c c cGucy8@fc c c c c c c c c c cRddHcfc c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c Advisory Committees Advisory Committees The Exchange Fund Advisory Committee Pursuant to Section 3(1) of the Exchange Fund Ordinance, the Financial Secretary’s control of the Fund shall be exercised in consultation with an Exchange Fund Advisory Committee of which the Financial Secretary shall be ex officio chairman and of which the other members shall be appointed by the Chief Executive of the Hong Kong Special Administrative Region. The role of the Committee is to advise the Financial Secretary as controller of the Exchange Fund on general policy relating to its deployment. The members sit on the Committee in a personal capacity. The Committee meets regularly and on other occasions when particular advice is being sought. Main Photo: (From left to right) Professor Richard WONG Dr David LI Mr David ELDON Mr Joseph YAM Mr LIANG Xiaoting Mr Donald TSANG Mr Marvin CHEUNG Mr Mervyn DAVIES Dr James KUNG (From left) Professor JAO Yu-ching Mr Antony LEUNG 12 c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c8cec c c c c8cec c c c c c cPdddTg ddfcddcf cPddTcg cPddTcg PdTcg cPddTcg cdTgPdcf cPddch Pdcg ddfP@cf cdTgPdcf PdTcg cPddTcg cPddTcg cPddTcg PdddTcg cPddch PdddTcg cUScec cdddddTugc PddTgc cdddhc cUScec cdddddTfc cdddddTfc c c c cUdcedIg ddfcddcf 8`ccfAg cFwcsGg c8ddcg 8@ws9Ag 8`ccfAg cddIgUddcf c8dddch ddec8@cf cddIgUddcf cFwcsGg 8@ws9Ag 8`ccfAg 8`ccfAg 8Hwcs9Ag c8dddch 8Hwcs9Ag tdrcec cddccs9ddcfc c8@ws9Acfc tdrcec tdddvcgc cddccs9Acec cddccs9Acec c c c cddceddg ddfcddcf UdfdIg cUrcexIg Fddcg dde8@g 8HccxdIg UdfdIg cdddvcectdddcf cddch cdddvcectdddcf cUrcexIg 8HccxdIg UdfdIg UdfdIg cxdIg cddch cxdIg USfc cddcexddcfc USfc 8@e9Afc UdcdIcgc cddcexdIcec cddcexdIcec c c c cQdvctdSg cFcddcg ddfcddcf ddfddg tdfcdvcf ddg ddc8@cg cdddIcecUdddcf ddfddg cdddIcecUdddcf cddch ddg tdfcdvcf ddfddg ddfddg ddf ctdSg cddch ctdSg ctdrfc ctdrfc cddcecddcfc UdrcecxdIfc dScQdcgc cddcecddcec cddcecddcec cPdTPdfccPdTfc PdddTcec Fccddcg cxdAc8drg ddfcddcf ddvcctddg UdfcdIcf ctdSg dd8@h cddcdvetdcddcf ctdSg ddvcctddg cddcdvetdcddcf cddch UdfcdIcf ddvcctddg ddvcctddg ddf y8@g cddch y8@g cUScfc cUScfc cddcetdScfc ddgddfc ctdrcxdvgc cddcetdScec cddcetdScec 8@ws9ddfc8`cfAcec UdecdIcec cFecddcg ctdddddvg dddddddddcf QdAuy8ddg ddfcddcf 8@g ddddhe cddcQIeUScddcf 8@g ddfcddcf QdAuy8ddg cddcQIeUScddcf cddch QdAuy8ddg QdAuy8ddg ddddh ddddh cddch tdrcfc tdrcfc cddccy8@cfc ddgddfc cUdcedIgc cddccy8@cec cddccy8@cec UdrccxddfcUdecdIcec ddecddcec cUcecddcg 8@wcs9Acf ddfcddcf Rddddddg ddfcddcf c8@cg dd9Ah cddcxdedrcddcf c8@cg ddfcddcf Rddddddg Rddddddg cddcxdedrcddcf cddch Rddddddg s9Ag s9Ag cddch USgc USgc cddddddrgc ddgddfc tdSceQdvcfc ddfddfcddecddcec cdddddHfc cdddddHfc cddcec cddddddddddcf UdrcexdIcf ddfcddcf ddg QdfcdScf 8@h ddc9Acg cddccQddSccddcf 8@h QdfcdScf ddg ddg ddg cddccQddSccddcf cddch cxdIg cxdIg ctdrgc cddch ctdrgc cddcs9dvgc ddgddfc ddfddfcdddddddcec UdcedIcfc cddchc cddchc Pdddddcec ddfcddcf cddcg ddfcddcf ddg xdfcdrcf dde9Ag c8@ch cddccxddrccddcf xdfcdrcf c8@ch ddg ddg ddg cddccxddrccddcf cddch ddg ddg cUScgc cddch cUScgc cddccxdIgc QdvcectdSfc ddfddfcddhc dddddddddcfc cddchc cddchc Udecddcec QdvcetdScf ddfcddcf ctdSg cQvcetSg cddcg ddec9Acf cddceddecddcf 8@he cQvcetSg ctdSg 8@he ctdSg ctdSg cddceddecddcf cddch ctdSg ctdSg tdrcgc cddch tdrcgc cddceQdvcfc 9Ae8@fc QdvcctddfcQdvcgc ctd@wces9dvfc cddchc cddchc ddetddcec cGucy8@g 9Aucy8@cf ddfcddcf cGucyFg ddf9Af cddcg cddcgcddcf Udche cGucy8@g cGucyFg cGucy8@g cGucy8@g Udche ddf cddcgcddcf cddch 9Tucy8@g 9Tucy8@g UShc cddch UShc cddcexdAfc 9Auy8ddfc9AuyP@cec c9Auy8@cfc cUdrfcxdIfc cddchc cddchc Qdcy8ddcec cRddHcg RdHcg cRdddHg ddfcddcf ddfcRAf cddcg cddcgcddcf cRddHcg RdHcg cRddHcg cRddHcg ddddddddg ddf ddddddddg RdddHcg cddcgcddcf cddch RdddHcg @hc cddch @hc cRdHddfccRddHcec cddcecddAfc RddHgc cddcgddfc cddchc cddchc RdHRdcec c c c ctdSfc c c c c c c c c c cGucy8@fc c c c c c c c c c cRddHcfc c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c Advisory Committees Chairman The Exchange Fund Advisory Committee The Honourable Donald TSANG, JP# Sub-Committee on THE FINANCIAL SECRETARY Currency Board Operations Chairman Members Mr Joseph YAM, JP Mr Joseph YAM, JP THE MONETARY AUTHORITY THE MONETARY AUTHORITY Mr David ELDON+ Member CHAIRMAN Mr David CARSE, JP THE HONGKONG AND SHANGHAI DEPUTY CHIEF EXECUTIVE BANKING CORPORATION LIMITED HONG KONG MONETARY AUTHORITY Mr E Mervyn DAVIES+ Mr Norman CHAN, JP GROUP EXECUTIVE DIRECTOR DEPUTY CHIEF EXECUTIVE HONG KONG, CHINA AND NORTH EAST ASIA HONG KONG MONETARY AUTHORITY STANDARD CHARTERED BANK Mr Andrew SHENG, SBS Mr LIANG Xiaoting+ DEPUTY CHIEF EXECUTIVE DIRECTOR HONG KONG MONETARY AUTHORITY (UNTIL 30.9.98) BANK OF CHINA Mr Tony LATTER The Honourable Antony K C LEUNG, JP# DEPUTY CHIEF EXECUTIVE MANAGING DIRECTOR AND REGIONAL MANAGER HONG KONG MONETARY AUTHORITY (FROM 4.1.99) GREATER CHINA AND THE PHILIPPINES THE CHASE MANHATTAN BANK Dr The Honourable David K P LI, LLD, JP CHAIRMAN AND CHIEF EXECUTIVE Dr The Honourable David K P LI, LLD, JP* THE BANK OF EAST ASIA LIMITED CHAIRMAN AND CHIEF EXECUTIVE THE BANK OF EAST ASIA LIMITED Mr Marvin K T CHEUNG, JP SENIOR PARTNER Mr Marvin K T CHEUNG, JP+ KPMG SENIOR PARTNER KPMG Mr E Mervyn DAVIES Professor Y C JAO GROUP EXECUTIVE DIRECTOR HONG KONG, CHINA AND NORTH EAST ASIA SCHOOL OF ECONOMICS AND FINANCE STANDARD CHARTERED BANK (MEMBER UNTIL 31.12.98) THE UNIVERSITY OF HONG KONG (MEMBER UNTIL 31.12.98) Professor Richard Y C WONG Mr LIANG Xiaoting DIRECTOR DIRECTOR, SCHOOL OF BUSINESS BANK OF CHINA (MEMBER FROM 1.1.99) THE UNIVERSITY OF HONG KONG (MEMBER FROM 1.1.99) Dr James Z M KUNG Mr John GREENWOOD VICE CHAIRMAN AND CHIEF GROUP ECONOMIST CHAIRMAN AND CHIEF MANAGER INVESCO ASIA LIMITED (MEMBER FROM 13.11.98) CHEKIANG FIRST BANK LIMITED (MEMBER FROM 1.5.98) Professor TSANG Shu-ki Secretary DEPARTMENT OF ECONOMICS HONG KONG BAPTIST UNIVERSITY (MEMBER FROM 13.11.98) Mr Arthur YUEN Professor Y C JAO SCHOOL OF ECONOMICS AND FINANCE THE UNIVERSITY OF HONG KONG (MEMBER UNTIL 31.12.98) 13 c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c8cec c c c c8cec c c c c c cPdddTg ddfcddcf cPddTcg cPddTcg PdTcg cPddTcg cdTgPdcf cPddch Pdcg ddfP@cf cdTgPdcf PdTcg cPddTcg cPddTcg cPddTcg PdddTcg cPddch Pdcg cUScec cdddddTugc PddTgc cdddhc cUScec cdddddTfc cdddddTfc c c c cUdcedIg ddfcddcf 8`ccfAg cFwcsGg c8ddcg