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Press Releases

HKMA 1996 Annual Report published

The 1996 Annual Report of the Hong Kong Monetary Authority (HKMA) is published and tabled in Legco today (30 April).

The theme of this year's Annual Report is "Achievements and Challenges". The Report reviews the achievements of the HKMA since its establishment in 1993 in four main areas of work, namely, the maintenance of monetary stability, the promotion of banking stability, the building of the financial market infrastructure and the development of Hong Kong as an international financial centre. The Report also sets out the challenges for the HKMA in the years ahead.

The Hong Kong dollar has continued to show remarkable stability during 1996, remaining on the strong side of the linked rate of 7.80 to US$1. The Exchange Fund, which is a major component in the defence of the Hong Kong dollar, has continued to pose healthy growth.

Major achievements have also been made in the development of the financial market infrastructure. These include the successful launching of the Real Time Gross Settlement system in late 1996. On the international front, Hong Kong joined the Bank for International Settlements and the International Monetary Fund's New Arrangements to Borrow. Major efforts were also undertaken in 1996 to explain to the international financial community Hong Kong's monetary arrangements through 1997.

The Hong Kong banking sector remained well capitalised, highly liquid and profitable during 1996. Continued progress was made in developing the supervisory framework. A specialist team on derivatives was established and industry guidelines on risk management for derivatives and other traded instruments were issued. A reporting framework for market risk exposures of authorised institutions was introduced. Further steps were also taken to improve the transparency of the financial position of authorised institutions and Hong Kong now leads the way in Asia in terms of financial disclosure. A Code of Banking Practice was drafted and amendments were introduced to the Banking Ordinance for the regulation of multi-purpose stored value cards.

Mr Joseph Yam, Chief Executive of the HKMA, said: "We have taken the opportunity of this special year of transition to take stock of the work carried out by the HKMA. We cannot be complacent and we shall endeavour to strengthen our efforts to maintain monetary and financial stability and to keep Hong Kong as a premier international financial centre."

To further widen the readership of the Report and to promote understanding of the work of the HKMA, the 1996 Annual Report will be available on the Internet.

Hong Kong Monetary Authority
30 April 1997

Last revision date: 1 August 2011
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