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Press Releases

HKMA Annual Report 2006

The Hong Kong Monetary Authority (HKMA) today (Friday) published its Annual Report for 2006. The Report reviews trends and events in monetary and banking affairs and reports on the HKMA's work during the year. It also sets out plans for the coming year.

Mr Joseph Yam, Chief Executive of the HKMA, said in his statement in the Annual Report that the exchange and money markets had continued to be stable throughout the year despite record fund flows related to initial public offerings and speculation about the effect on the Hong Kong dollar of the renminbi's appreciation.

Hong Kong enjoyed another year of robust economic growth in 2006, helped mainly by strong domestic demand, increases in trade with the Mainland and solid demand for Hong Kong's goods and services from its other major trading partners. Unemployment declined to its lowest level in six years, while inflation remained moderate. The asset markets were stable after a strong rise in 2005 and the stock market staged a strong rally in the second half of 2006. The profitability of banks improved due to higher net interest income and income from fees and commissions.

The Annual Report contains the audited Exchange Fund accounts for 2006. The Exchange Fund, which is managed by the HKMA, earned a gross investment income of HK$103.8 billion in 2006. The Fund's rate of return exceeded that of the investment benchmark approved by the Financial Secretary on the advice of the Exchange Fund Advisory Committee by 0.6%.

Other developments in 2006 included the development of a blueprint for the financial development of Hong Kong that was adopted as part of the report by the Focus Group on Financial Services set up by the Chief Executive's Economic Summit on "China's 11th Five-Year Plan and the Development of Hong Kong"; the completion of the administrative work and legal process necessary to implement the Basel II requirements in Hong Kong on 1 January 2007; the launching of the Deposit Protection Scheme; further expansion of renminbi business in Hong Kong; and international credit rating agencies upgrading Hong Kong's sovereign ratings to AA, the highest they have ever been.

As part of its efforts to increase transparency, the HKMA has included in this Annual Report the terms of reference of the five Sub-Committees of the Exchange Fund Advisory Committee.

The HKMA Annual Report 2006 may be purchased at the HKMA Information Centre or by post at HK$100 per copy. A mail order form for the purchase of the Report is available on the HKMA's website. The Report is also available on the website http://www.info.gov.hk/hkma/eng/public/ar06/index.htm. Accompanying the Annual Report is a separate publication, An Introduction to the Hong Kong Monetary Authority, which contains the summary version of the Annual Report. This booklet is available free of charge at the HKMA Information Centre.

For further enquiries, please contact:
Peggy Lo, Manager (Press), at 2878 1687 or
Thomas Chan, Senior Manager (Press), at 2878 1480

Hong Kong Monetary Authority
27 April 2007

Last revision date: 1 August 2011
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