HONG KONG MONETARY AUTHORITY Annual Report 1996
HONG KONG MONETARY AUTHORITY
All other major areas of the planning work, including social, cultural, and spouse programmes featuring prominent local talent, have also been progressing well. Altogether, there will be three cultural events for official participants from 22 to 24 September 1997. A successful publicity programme was organised in Washington D.C. during the 1996 Annual Meetings.
Throughout the entire planning process, the HKMA continues to maintain a close working relationship with the Joint Secretariat of the World Bank/IMF as well as the Chinese authorities. Both sides are pleased with the advanced state of the planning, and work is expected to accelerate in the months leading to the September Meetings.
ECONOMIC RESEARCH AND IN FORMATION POLICY
Economic Research
The Economic Division provides economic analyses on a wide range of domestic and international financial issues relevant to policy formulation within the HKMA. Some of the research papers were published in the HKMA's Quarterly Bulletin.These included research estimates on Hong Kong's balance of payments, a monetary analysis of inflation, financial market developments and economic factors that impact on exchange rate stability.
Promotion of Hong Kong's Monetary Arrangements After 1997
To reassure the international financial community of Hong Kong's continued monetary autonomy after 1 July 1997, the HKMA joined hands with the PBoC to promote international understanding of the issue. In September 1996, the Bank of England hosted a seminar for the HKMA to explain to the London financial community monetary arrangements of Hong Kong through 1997. Similar seminars were held in Tokyo, New York and Frankfurt in February and March 1997 with the assistance of the Bank of Japan, the Federal Reserve Bank of New York and Dresdner Bank respectively.