Key Information

inSight
Speeches
Speeches by Speaker
Norman T.L. Chan
Peter Pang
Eddie Yue
Arthur Yuen
Zeti Akhtar Aziz
Raymond Li
Edmond Lau
Esmond Lee
Meena Datwani
Vincent W.S. Lee
James Lau
Joseph Yam
Y K Choi
William Ryback
David Carse
Tony Latter
Andrew Sheng
Hans Genberg
Simon Topping
Michael Taylor
The Honourable Donald Tsang
Chen Yuan
Dai Xianglong
Don Brash
Jaime Caruana
Andrew Crockett
Mario Draghi
David Eldon
Stanley Fischer
Timothy F. Geithner
Stephen Grenville
Kenneth G. Lay
William McDonough
Ernest Patrikis
Glenn Stevens
Jean-Claude Trichet
Tarisa Watanagase
Zeti Akhtar Aziz
Carmen Chu
Alan Au
Press Releases
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
Press Releases by Category
Bogus Voice Message Phone Calls
Banking in Hong Kong
Fraudulent Websites, E-mails and Telephone System, and other fraud cases
Granting of Banking Licences
Exchange Fund
Table of Multiples of Notes and Payments for Allotted Amount under non-competitive tender
Table of Multiples of Notes and Payments of Application Amount under non-competitive tender
Tender of Exchange Fund Bills and Notes
Tender Results of Exchange Fund Bills and Notes
Tentative Issuance Schedule for Exchange Fund Bills and Notes
Appointments and Departures
HKMA Pay Review
HKMA Publications
Speeches
The Hong Kong Mortgage Corporation
Hong Kong Note Printing Limited
Hong Kong Institute for Monetary Research
Exchange Fund Investment Limited
Others
Hong Kong Financial Infrastructure
International Relations
Investment Products Related to Lehman Brothers
Monetary Policy
Notes and Coins
Renminbi business
Credit Card Lending Survey
Monetary Statistics
Residential Mortgage Survey
Year 2000
Others
Guidelines and Circulars
Guidelines
Circulars
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
515.5995

Press Releases

Hong Kong's Participation in the Financing Package for Thailand

The Financial Secretary Donald Tsang, as Controller of the Exchange Fund, has decided to contribute to a financing package organised by the International Monetary Fund (IMF) to assist Thailand in making economic adjustments.

The package was agreed at a meeting organised by the IMF in Tokyo today (11 August). At the request of the IMF, participants agreed to a financing package totalling some US$16 bn including the proposed IMF contribution of US$4 bn.

The package includes: Hong Kong, US$1 bn; Japan, US$4 bn; Australia, US$1 bn; Singapore, US$1 bn; Malaysia, US$1 bn; Korea, US$0.5 bn; Indonesia, US$0.5 bn. China is seriously and actively considering her contribution to the package. Lending to Thailand will take the form of a medium-term loan at market interest rates.

The International Bank for Reconstruction and Development and the Asian Development Bank have indicated support for necessary financing and have plans for structural adjustment and sector reforms in Thailand.

"We are committed to regional monetary stability," said Mr Tsang. "The recent spate of speculative attacks has caused volatility of various degrees in the currency markets of Southeast Asia. Although the Hong Kong dollar has not been affected, the likely contagion effect is very real. It is in Hong Kong's interests as a leading financial centre in the region to see a strong and stable neighbouring environment. Our participation in the IMF financing package underscores that commitment."

"In consultation with the IMF, the Thai authorities have adopted a policy reform programme for the restructuring of Thailand's financial sector and its economy," said Mr Joseph Yam, Chief Executive of the Hong Kong Monetary Authority, who represented the Financial Secretary at the Tokyo meeting.

"The policy programme represents determination by the Thai authorities to steer the economy on the right track and restore the stability of the financial sector in Thailand. This will contribute to the overall financial stability of the region. Participants saw the meeting as an historic crossroads in regional financial co-operation, and possibly as a precursor of standing arrangements," said Mr. Yam.

Hong Kong Monetary Authority
11 August 1997

Last revision date: 1 August 2011
ABOUT THE HKMA
The HKMA
Tender Invitations
Careers@HKMA
Legislative Council Issues
Links
The HKMA Information Centre
KEY FUNCTIONS
Monetary Stability
Banking Stability
International Financial Centre
Exchange Fund
PUBLICATIONS & RESEARCH
Annual Report
Half-Yearly Monetary & Financial Stability Report
Quarterly Bulletin
HKMA Background Briefs
Reference Materials
Research
MARKET DATA & STATISTICS
CMU Bond Price Bulletin
Economic & Financial Data for Hong Kong
Monthly Statistical Bulletin
Monetary Statistics
KEY INFORMATION
Press Releases
Speeches
Guidelines & Circulars
Forthcoming Events
inSight
OTHER INFORMATION
Information in Other Languages (Bahasa Indonesia, हिन्दी, नेपाली, ਪੰਜਾਬੀ, Tagalog, ไทย, اردو)
Account Opening
Consumer Corner
Consumer Education Programme
Complaints about Banks
Complaints about SVF Licensees
Internet Banking
Fraudulent Bank Websites, Phishing E-mails and Similar Scams
Be Careful of Bogus Phone Calls and SMS Messages
Authenticate the Callers and Bank Hotline Numbers
Register of AIs & LROs
Register of Securities Staff of AIs
Register of SVF Licensees
Investment Products Related to Lehman Brothers
Photo Gallery