HKMA Quarterly Bulletin (June 2005 Issue)

Press Releases

15 Jun 2005

HKMA Quarterly Bulletin (June 2005 Issue)

The Hong Kong Monetary Authority (HKMA) today (Wednesday) published the June 2005 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 Hong Kong economy continued on its path of sustained recovery during the first half of 2005. It also examines the impact of the refinements to the Linked Exchange Rate system introduced on 18 May 2005.

The Bulletin includes feature articles on

  • A monetary conditions index for Mainland China - suggesting that there was a distinct easing of monetary conditions in 2002-2003 before a partial reversal in 2004, which contributed to the strong economic growth in recent years.
  • The relationship between commodity and consumer prices in Mainland China and Hong Kong - exploring how changes in non-fuel commodity prices help to predict headline CPI inflation on the Mainland and in Hong Kong.
  • Results of the 2004 survey on credit derivatives and asset securitisation activity - reporting on authorized institutions' activities in the credit derivatives market and their positions in asset securitisation.

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 ( and the Report ( is available on the HKMA website.

For further enquiries, please contact:

Jasmin Fung, Manager (Press), at 2878 8246 or
Wong Hing-fung, Resource Co-ordinator, at 2878 1802

Hong Kong Monetary Authority
15 June 2005

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Last revision date : 15 June 2005