HONG KONG MONETARY AUTHORITY Annual Report 1996
CALENDAR OF EVENTS 1996
| NOVEMBER | |
| A bilateral
repurchase agreement in US Treasuries was signed between the Bank
of Japan and the HKMA, the eighth for HKMA so far. |
4 |
| The senior
representatives of the Sino-British Joint Liaison Group
signed an Agreed Minute on the question of the arrangements for the
transfer of the Exchange Fund to the Hong Kong Special
Administrative Region Government on 1 July 1997. The Minute also
specifies that "all documents, contracts and agreements signed by
the HKMA up to 30 June 1997 shall continue to be valid after 30
June 1997 and be protected by the laws of Hong Kong Special
Administrative Region". |
13 |
| A letter was issued to all licensed banks announcing the
introduction of a Liquidity Adjustment Window (LAW) and a guideline
on CHATS (Clearing House Automatic Transfer System) throughput to
facilitate payment flows under the Real Time Gross Settlement
environment due to start on 9 December, 1996. |
16 |
| DECEMBER | |
| The first of a series
of the HKMA Distinguished Lectures, aimed at providing a forum for
the Hong Kong financial community to hear and exchange views with
leading world experts, was held. Mr William McDonough, President
and CEO of the Federal Reserve Bank of New York was the inaugural
speaker while Mr Chen Yuan, Deputy Governor of the People's Bank of
China, was the discussant. |
3 |
| The Real Time Gross
Settlement (RTGS) system was launched smoothly after three years of
preparation. Under this system, all licensed banks in Hong Kong are
required to open settlement accounts with the HKMA and each payment
is final and irrevocable. The RTGS system reduces considerably
settlement risks in the interbank payment system. |
9 |
| The HKMA issued a best
practice guide on 1996 financial disclosure package recommending
the banking institutions to disclose their cash flow statements,
market risk exposure and segmental information on various classes
of business in their 1996 accounts. |
10 |
| Following the annual Article IV Consultation review of Hong Kong's economy, a mission of the International Monetary Fund gave a very positive assessment of Hong Kong's economic performance in 1996 and its prospects in 1997. The Hong Kong Government decided to make public the outcome of the Consultation for the first time to enhance openness and transparency. | 18 |