Hong Kong Selected as BIS's First Overseas Office

The Bank for International Settlements (BIS) plans to establish in Hong Kong a Representative Office to serve as its regional office for Asia and the Pacific. This is the first overseas office for the BIS and will serve to strengthen its cooperation with central banks and monetary authorities in the region. The BIS Representative Office is expected to commence operation in July 1998.

The BIS, established in 1930, is a prestigious international organisation of central banks and monetary authorities based in Basle, Switzerland. It is well known as the "bank of central banks", providing banking and investment services to central banking institutions. The organisation is also a forum for international monetary cooperation, providing a meeting place for central bankers to discuss issues of mutual concern and set international standards for the promotion of international financial stability. With the increasing economic and financial weight of Asia, the BIS is keen to expand into Asia and enhance its role in the region.

The Financial Secretary, Mr Donald Tsang, said, "We fully support the activities of the BIS and welcome their plan to set up its first overseas office in Hong Kong. As a leading international financial centre, Hong Kong is well placed to be the seat of the Representative Office in Asia. Hong Kong stands to benefit from being the focal point of BIS activities in the region."

"The establishment of the Representative Office in Hong Kong would be an important milestone in the development of Hong Kong's relationship with the BIS. The Hong Kong Monetary Authority (HKMA) became a member of the BIS in November 1996. We have since then intensified its participation in BIS's work to promote central bank cooperation and enhance global monetary and financial stability," noted Mr Joseph Yam, Chief Executive of the HKMA.