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

Record of Discussion of the Meeting of
the Exchange Fund Advisory 
Currency Board Sub-Committee held on 5 January 2017

(Approved for Issue by the Exchange Fund Advisory Committee on 23 January 2017)

Report on the Currency Board Operations (29 September 2016 – 15 December 2016)

  1. The Sub-Committee noted that during the review period, the Hong Kong dollar traded within a range of 7.7532–7.7596 against the US dollar. Despite the market volatilities triggered by the US presidential election, the Hong Kong dollar remained largely stable, and the local interbank money markets continued to operate smoothly. Towards the end of the review period, the Hong Kong dollar interbank interest rates and the Hong Kong dollar forward points picked up, reflecting in part a catch-up with the increases in the US dollar interbank interest rates and in part the year-end funding demand.  
  2. The Sub-Committee noted that the Aggregate Balance stayed virtually unchanged, and the Monetary Base increased slightly to HK$1,626.25 billion mainly due to an increase in Certificates of Indebtedness.
  3. The Sub-Committee further noted that, in accordance with Currency Board principles, changes in the Monetary Base had been fully matched by corresponding changes in foreign reserves.
  4. The Report on Currency Board Operations for the period under review is at the Annex.

Monitoring of Risks and Vulnerabilities

  1. The Sub-Committee noted that in the US, policy uncertainties had heightened following the US presidential election, while there were signs of building up of inflationary pressures. It remained uncertain if the Federal Reserve would hasten interest rate normalisation, but long-term bond yields had and could surge further on rising inflation expectations.
  2. The Sub-Committee noted that in Europe and Japan, the heightened global economic and policy uncertainties might further weigh on the fragile recovery.
  3. The Sub-Committee noted that in Mainland China, market concerns about hard-landing risks continued to subside, while the property market showed tentative signs of cooling on tightening measures.
  4. The Sub-Committee noted that in Hong Kong, economic momentum gained traction in the fourth quarter, while interest rates had crept up recently. The property market outlook was subject to headwinds from the new stamp duty measures and US interest rate hikes. 

Estimating the Drivers of Hong Kong’s Housing Price Short-Run Dynamics

  1. The Sub-Committee noted a paper which examined the drivers of the short-run dynamics of Hong Kong’s housing prices based on an empirical model.

 

Hong Kong Monetary Authority
17 February 2017

Last revision date: 17 February 2017
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