FAQs

The HKMA is Hong Kong’s central banking institution. The HKMA has four main functions:

• maintaining currency stability within the framework of the Linked Exchange Rate system
• promoting the stability and integrity of the financial system, including the banking system
• helping to maintain Hong Kong's status as an international financial centre, including the maintenance and development of Hong Kong's financial infrastructure
• managing the Exchange Fund

The HKMA was established on 1 April 1993 after the Legislative Council passed amendments to the Exchange Fund Ordinance in 1992 empowering the Financial Secretary to appoint a Monetary Authority.

The powers, functions and responsibilities of the Monetary Authority are set out in the Exchange Fund Ordinance, the Banking Ordinance, the Deposit Protection Scheme Ordinance, the Payment Systems and Stored Value Facilities Ordinance and other relevant Ordinances.

The Monetary Authority is appointed under the Exchange Fund Ordinance to assist the Financial Secretary in performing his functions under the Exchange Fund Ordinance and to perform such other functions as assigned by other Ordinances or by the Financial Secretary. The office of the Monetary Authority is known as the HKMA, and the Monetary Authority is the Chief Executive of the HKMA.

The Exchange Fund is under the control of the Financial Secretary. The Monetary Authority, under delegation from the Financial Secretary, is responsible to the Financial Secretary for the use of the Exchange Fund, and for the investment management of the Fund. In his control of the Exchange Fund the Financial Secretary is advised by the Exchange Fund Advisory Committee (EFAC), which is established under the Exchange Fund Ordinance.

EFAC is assisted in its work by five sub-committees, which monitor and advise on specific areas of the HKMA’s work and make recommendations to the Financial Secretary through EFAC. These sub-committees include the Governance Sub-Committee, the Audit Sub-Committee, the Currency Board Sub-Committee, the Investment Sub-Committee, and the Financial Infrastructure and Market Development Sub-Committee.

Yes, the HKMA Information Centre, consisting of an exhibition centre and a library, is an important resource for introducing the work of the HKMA to the community and promoting public awareness of monetary and banking matters. The Centre is open to the public for free. Guided tours are available on a daily basis. Group visits for schools, tertiary institutions, and non-profit organisations can also be arranged upon request.

For more information about the Information Centre, please call (852) 2878 1111 or visit its webpage.

Section 103 of Part XI of the Crimes Ordinance (Cap. 200 of the Laws of Hong Kong) provides the legal basis for the HKMA to approve reproduction of Hong Kong currency notes. Provisions in Part XI of the Ordinance target counterfeiting and kindred offences (including reproduction of Hong Kong currency notes), with an aim to protecting the public. Indeed, some citizens had suffered monetary losses in the past as a result of receiving counterfeit notes, so these legal provisions have their practical relevance.

Having said that, there may be a need for the public to reproduce or print images of currency notes from time to time under some special circumstances, such as for production of films or educational materials. Therefore, the Ordinance provides a mechanism for the public to apply to the HKMA for lawful reproduction of currency notes for such specific purposes. The applicants however must comply with certain conditions so as to prevent the replica notes from falling into the wrong hands who might use them to deceive the public.

Under section 103 of the Crimes Ordinance (Cap. 200 of the Laws of Hong Kong), a person who, without the consent in writing of the Monetary Authority, reproduces on any substance whatsoever, and whether or not to the correct scale, any Hong Kong currency note or any part of a Hong Kong currency note, commits an offence.

The above provision applies to any Hong Kong currency note which has been lawfully issued in Hong Kong, despite that the note may no longer be in day to day circulation.

Individuals and institutions may apply. The HKMA also accepts applications made by authorised persons.

In the past, applications received by the HKMA were mostly for educational and instructional purposes, advertisement and for shooting films or TV programmes etc.

Similar to Hong Kong, other parts of the world also have stringent controls on reproduction of currency notes, although the specific requirements may vary. In jurisdictions like the US, the UK, Australia, Canada and Singapore, only one-sided reproduction of currency notes is allowed. In Hong Kong and the European Union (EU), two-sided reproduction is permitted. For Hong Kong, the replica notes must be at least 20% larger or smaller than the actual size of the notes. That means the length and width of the replicas only need to be 10% longer or shorter than the genuine notes. In the EU, on the other hand, the size of the reproduction is at least 200% of both the length and width or at most 50% of both the length and width of the actual notes. In some jurisdictions, as long as certain criteria are met (e.g. one-sided reproduction), application for approval can be exempted.

Unless the electronic images of currency notes are to be reproduced into a physical form, approval by the HKMA is not required for the filming of currency notes for viewing on electronic devices (e.g. for educational or advertising purposes), as such electronic images cannot be passed as currency notes.

To avoid infringing the copyright in the design of the relevant currency notes and coins, consent of the relevant issuer must be obtained before reproducing images of currency notes and coins. Banknotes ($20, $50, $100, $500 and $1,000) in Hong Kong are issued by three note-issuing banks, namely The Hongkong and Shanghai Banking Corporation Limited, Standard Chartered Bank (Hong Kong) Limited and Bank of China (Hong Kong) Limited whereas coins and $10 currency notes are issued by the Hong Kong Special Administrative Region Government.

For the avoidance of doubt, approval is not required for making of electronic or print images of currency notes by the media for news reporting purposes.

Since section 103 of the Crimes Ordinance applies to Hong Kong currency notes only, the HKMA is not empowered to process applications for reproduction of foreign currency. Those who wish to reproduce currency notes of other countries should study the laws and regulations of the respective countries and assess the legal risks, including ss.96-102 of the Crimes Ordinance (Cap. 200 of the Laws of Hong Kong). If in doubt, please seek independent legal advice.

Application forms, guidelines and relevant d