HKMA Quarterly Bulletin (May 2000 Issue)

The Hong Kong Monetary Authority (HKMA) published the latest issue of its Quarterly Bulletin today (31 May). This issue contains articles on :

• The Hong Kong dollar debt market developments in 1999 - The article finds that while new issues of Hong Kong dollar debt securities declined overall during the year, new corporate debt issuance surged, reflecting strong demand for high-quality corporate paper. The local debt market continued to expand in early 2000 on the back of active issuance by multilateral development banks, authorised institutions and overseas borrowers.
• The risks and challenges in coping with international capital flows - This article concludes that while most economies in Asia have recorded better than expected economic growth, further structural reforms and better monitoring of capital flows are needed to ensure that this recovery is sustained.
• Deregulation of Interest Rate Rules - The article provides a detailed account of the considerations behind the decision to proceed with Phase I of the Interest Rate Rules deregulation on 3 July 2000.
• The US dollar clearing system in Hong Kong - The article reviews the expected benefits of and the progress towards implementing the planned system in the second half of 2000.
• The implications of the growth of electronic commerce, electronic banking and electronic money.
• Guidelines on the authorisation of Virtual Banks and Corporate Governance of locally incorporated authorised institutions.

The Bulletin also carries regular articles on the banking and monetary environment during the first quarter of 2000. The Quarterly Bulletin, which is on sale at the Government Publications Centre, may also be ordered from the HKMA. Full text of the Quarterly Bulletin is also available on the HKMA website (http://www.info.gov.hk/hkma).

For further enquiries, please contact:

Jasmin Fung, Manager (Press) at 2878 8246 or
Alice Lo, Manager (Press) at 2878 1843

Hong Kong Monetary Authority
31 May 2000