HONG KONG MONETARY AUTHORITY Annual Report 1996
CALENDAR OF EVENTS 1996
| SEPTEMBER | |
| The HKMA was invited by the Bank for International Settlements (BIS) to become a member. The invitation was a clear recognition of Hong Kong's status as a leading and autonomous international financial centre. BIS also extended the offer of membership to eight other central banks and monetary authorities including the People's Bank of China. | 9 |
| The Bank of England organised a seminar entitled "Hong Kong's Monetary Arrangements Through 1997" in London. Mr Eddie George, Governor of the Bank of England, Mr Joseph Yam, Chief Executive of the HKMA, and Mr Chen Yuan, Deputy Governor of the People's Bank of China, were among the speakers. |
10 |
| It was announced that a limited quantity of commemorative gold coins would be issued in July 1997 to mark the establishment of the Hong Kong Special Administrative Region. The gold coin would bear the standard Bauhinia design on the obverse side, with a special commemorative design of Hong Kong skyline on the reverse side. It would have a face value of $1,000 and will be in 22 carat gold. |
18 |
| A cheque presentation ceremony was held to acknowledge the cash sponsors for the 1997 World Bank Group/International Monetary Fund Annual Meetings. Sponsorships resulting in a savings of more than $70 million had been received so far, with some $40 million in cash and the rest in kind. |
|
| With a view to aligning the Bid and Offer Rates under the Liquidity Adjustment Facility (LAF) more closely with the US dollar market interest rates, the HKMA announced a change of reference rate for setting the LAF Rates from the US discount rate to the US Fed Funds Target Rate. |
25 |
| Based on the standardised methodology of measuring market risks in the Basle proposals, a new return of market risk exposure was issued to all locally incorporated banks. Banks need to report the data to the HKMA on a quarterly basis starting from 31 December 1996. | 26 |
| OCTOBER | |
| The HKMA opened its first overseas office in New York. The New York Office enables the HKMA to monitor more closely the foreign exchange and US fixed income markets in the New York time zone. |
3 |
| A bilateral repurchase agreement in US Treasuries was signed between the Monetary Authority of Singapore and the HKMA. This was HKMA's seventh repurchase agreement with central banks in the region.. |
19 |
| The inaugural issue of 10-year Exchange Fund Notes was tendered. The 10-year Notes, which carried a coupon rate of 7.37%, were 13.52 times over-subscribed, setting a new record for Exchange Fund paper issued so far. The issue extended further the benchmark yield curve to the 10-year area, marking a milestone in the HKMA's effort to develop the Hong Kong dollar debt market. | 28 |