Transparency of Currency Board Operations
The HKMA has been disclosing the forecast change in the Aggregate Balance attributable to the HKMA's foreign exchange transactions on its Reuters page on a real time basis since June 1998. This measure enables market participants to anticipate changes in liquidity conditions in the interbank market and facilitates a more efficient adjustment in the interbank interest rates. Details of the entire Monetary Base and a breakdown of its components are published on the HKMA's Reuters page every day. Information on the Monetary Base and Interbank Liquidity are released daily on the HKMA website.
To promote a better understanding of the Currency Board operations in Hong Kong, the HKMA discloses the record of discussion of the Exchange Fund Advisory Committee (EFAC) Sub-Committee on Currency Board Operations.
A Currency Board Account has been published every month since March 1999. The Account shows the Monetary Base on its liabilities side, and the backing assets on its assets side. The publication of the records of discussion of the EFAC Currency Board Sub-Committee and the Currency Board Account demonstrates the HKMA's compliance with Currency Board principles and promotes public confidence in our monetary system.