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Press Releases

HKMA Quarterly Bulletin (June 2007 Issue)

The Hong Kong Monetary Authority (HKMA) today (Thursday) published the June 2007 issue of its Quarterly Bulletin.

This issue of the Quarterly Bulletin contains the regular Half-Yearly Monetary and Financial Stability Report, which analyses recent external and domestic influences on Hong Kong's monetary and financial systems. The Report notes that the economy of Hong Kong has continued to enjoy healthy growth in the past six months.

This Quarterly Bulletin contains three feature articles:

  • The "Three Refinements" of the Hong Kong dollar Linked Exchange Rate system two years on - reviewing the operations of the Linked Exchange Rate system after the introduction of the three refinements in May 2005.
  • Results of the 2006 survey on credit derivative and securitisation activities - showing that the overall level of activity of authorized institutions in the credit derivative and securitisation markets surged markedly in 2006.
  • Sense and nonsense about Asia's export dependency and the decoupling thesis - concluding that the best way to reduce external vulnerabilities is to diversify export markets and strengthen domestic institutions and policies, rather than reducing openness or the share of exports in GDP.

The Bulletin also includes a speech entitled "Hong Kong - New opportunities as an international financial centre" delivered by Joseph Yam, Chief Executive of the HKMA, at a seminar organised by the Hong Kong Economic and Trade Office in Tokyo on 8 May 2007.  Mr Yam spoke on the relationship between the Hong Kong and the Mainland financial systems, and how they could complement each other to their mutual benefit.

The Quarterly Bulletin may be ordered from the HKMA at $100 per copy.  A separate version of the Half-Yearly Monetary and Financial Stability Report (English only) may be ordered at $60 per copy. The Bulletin and the Report may also be bought at the HKMA Information Centre on 55th Floor, Two International Finance Centre. The full text of the Bulletin (http://www.info.gov.hk/hkma/eng/public/qb_index.htm) and the Report (http://www.info.gov.hk/hkma/eng/public/mfsr_index.htm) is available on the HKMA website.

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

Hong Kong Monetary Authority
21 June 2007

Last revision date: 1 August 2011
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