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The EFAC Currency Board
Sub-Committee

The Currency Board Sub-Committee monitors and reports on the Currency Board arrangements that underpin Hong Kong's Linked Exchange Rate system. It is responsible, among other things, for ensuring that Currency Board operations are in accordance with established policy, recommending improvements to the Currency Board system, and ensuring a high degree of transparency in the operation of the system. Records of the Sub-Committee's meetings and the reports on Currency Board operations submitted to the Sub-Committee are published.

Membership

Terms of Reference

Chairman

Mr Norman T.L. CHAN, GBS, JP
The Monetary Authority

Members

Mr Eddie YUE, JP
Deputy Chief Executive
Hong Kong Monetary Authority

Mr Arthur YUEN, JP
Deputy Chief Executive
Hong Kong Monetary Authority

Mr Howard LEE, JP
Senior Executive Director
Hong Kong Monetary Authority

Dr John GREENWOOD
Group Chief Economist
INVESCO Asset Management Limited

Professor Lawrence J. LAU, GBS, JP
Ralph and Claire Landau Professor of Economics
The Chinese University of Hong Kong

Dr David WONG Yau-kar, GBS, JP
Managing Director
United Overseas Investments Ltd

Dr PENG Wensheng
Global Chief Economist and Head of Research
Everbright Securities Limited

Professor LIN Chen 
Chair of Finance and Stelux Professor in Finance
Faculty of Business and Economics
The University of Hong Kong

Professor CHEUNG Yin-wong
Hung Hing Ying Chair Professor of International Economics
Department of Economics and Finance
City University of Hong Kong

Mr YUE Yi
Chairperson
The Hong Kong Association of Banks

Secretary

Ms Carrie CHAN
Head (Corporate Development)
Hong Kong Monetary Authority

Terms of Reference

(1) To ensure that the operation of the Currency Board arrangements in Hong Kong is in accordance with the policies determined by the Financial Secretary in consultation with the Exchange Fund Advisory Committee.
(2) To report to the Financial Secretary through the Exchange Fund Advisory Committee on the operation of the Currency Board arrangements in Hong Kong.
(3) To recommend, where appropriate, to the Financial Secretary through the Exchange Fund Advisory Committee, measures to enhance the robustness and effectiveness of the Currency Board arrangements in Hong Kong.
(4) To ensure a high degree of transparency in the operation of the Currency Board arrangements in Hong Kong through the publication of relevant information on the operation of such arrangements.
(5) To promote a better understanding of the Currency Board arrangements in Hong Kong.
Last revision date: 1 July 2017
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