The EFAC Currency Board
The Exchange Fund Advisory Committee (EFAC) Currency Board Sub-Committee was established in August 1998 to oversee the operations of the Currency Board system in Hong Kong. The Sub-Committee is chaired by the Chief Executive of the HKMA. Other members of the Sub-Committee include market professionals, academics and senior officials of the HKMA. The Sub-Committee recommends, where appropriate, measures to enhance the robustness and effectiveness of Hong Kong's Currency Board arrangements. Over the years, the Sub-Committee has recommended a number of reform measures that have been introduced to strengthen the system. Records of the Sub-Committee's discussion are published within a few weeks of each meeting.