HONG KONG MONETARY AUTHORITY Annual Report 1996
HONG KONG MONETARY AUTHORITY
INTERNATIONAL FINANCIAL CENTRE
The HKMA has devoted considerable efforts to promote Hong Kong as an international financial centre beyond 1997. The HKMA has continued to foster central bank co-operation in the region, to participate in a host of international forums, to pursue a transparent and proactive information policy, and to establish and make clear to the world at large the autonomy and mutual independence of the monetary systems of Hong Kong and the mainland of China post 1 July 1997.
OBJECTIVES
Strengthening Hong Kong's status as a premier international financial centre was an important part of the HKMA's strategy.
In addition to the establishment and clarification of Hong Kong's future monetary and financial autonomy beyond 1997, the HKMA has worked towards building an external profile that is commensurate with Hong Kong's status as an international financial centre. These tasks are being achieved through:
1. enhanced participation in multilateral agencies and central banking forums;
2. contribution to regional and international central bank co-operation;
3. planning and organisation of the 1997 World Bank/IMF Annual Meetings; and
4. transparent and proactive information policy.
ACHIEVEMENTS
MONETARY RELATIONS WITH CHINA
During 1996, the HKMA consolidated and formalised arrangements with the Chinese authorities for the mutual independence of the monetary systems of the mainland and Hong Kong after 1 July 1997. The People's Bank of China (PBoC) has pledged that under the "one country, two systems" principle, there will be two currencies, two monetary systems and two monetary authorities under two different social and economic systems within a sovereign state, and the two monetary authorities will be mutually independent.