Hong Kong Monetary Authority

Hong Kong Monetary Authority

The Hong Kong Monetary Authority (HKMA) is an independent department under the government of the Hong Kong Special Administrative Region of the people's Republic of China. It is responsible for Hong Kong's financial policy, banking and monetary management. It plays a similar role as the central bank and is directly responsible to the financial secretary.

The HKMA is responsible for maintaining the stability of the monetary and banking system within the framework of the Hong Kong government. Its main functions are: maintaining monetary stability within the framework of the linked exchange rate system; promoting the stability and soundness of the financial system, including the banking system; and helping to consolidate Hong Kong's position as an international financial centre, including maintaining and developing Hong Kong's financial infrastructure and managing the exchange fund.

The current president of the Hong Kong Monetary Authority is Mr. Yu Weiwen.

Historical evolution

The Hong Kong Monetary Authority (HKMA) was established on April 1, 1993 by the merger of the exchange fund authority and the office of the Commissioner of banking. The Hong Kong Monetary Authority is headquartered in the international financial centre phase II in central. The HKMA Information Centre is open to the public free of charge. There are exhibition halls and libraries in the center, which collect books, periodicals and other documents related to the central bank.

In order to establish the HKMA, the then Legislative Council passed an amendment to the Exchange Fund Ordinance in 1992, giving the Financial Secretary (now known as the financial secretary) the power to appoint the monetary authority. The powers, functions and responsibilities of the monetary authority are specified in the Exchange Fund Ordinance, the Banking Ordinance, the Deposit Protection Scheme Ordinance, the clearing and settlement system Ordinance and other relevant ordinances. The letter exchanged between the financial secretary and the monetary authority on 25 June 2003 sets out the allocation of functions and responsibilities between them. The exchange also disclosed that the financial secretary has delegated certain powers to the monetary authority under these ordinances. The exchange fund is established under the Exchange Fund Ordinance and is under the control of the financial secretary. The Ordinance requires the exchange fund to be used primarily for the purpose of influencing the exchange rate of the Hong Kong dollar.

The financial secretary can also use the exchange fund to maintain the stability and soundness of Hong Kong's monetary and financial system, thereby maintaining Hong Kong's status as an international financial center. The monetary authority is appointed under the Exchange Fund Ordinance to assist the financial secretary in the performance of his functions under the Ordinance and other functions specified in the Ordinance and directed by the financial secretary. The office of the monetary authority is called the HKMA, and the monetary authority is the president of the HKMA. The banking ordinance empowers the monetary authority to regulate and supervise banking and deposit taking business. Under the Banking Ordinance, the duties of the monetary authority include dealing with the accreditation of Hong Kong licensed banks, restricted licence banks and deposit taking companies. The clearing and settlement systems Ordinance provides a statutory framework for the monetary authority to designate and monitor clearing and settlement systems that are important to Hong Kong's monetary or financial stability or to Hong Kong's functioning as an international financial centre.

Under the DPSO, the monetary authority is responsible for enforcing the decisions of the Hong Kong Deposit Protection Commission and deciding whether or not to compensate depositors of insolvent members under the DPSO.

On September 20, 2018, the Hong Kong Special Administrative Region monetary authority and the people's Bank of China signed a memorandum of cooperation. Hong Kong will issue bills from the people's Bank of China to enrich Hong Kong's high credit rating RMB financial products.

Main functions

The HKMA is responsible for maintaining the stability of the monetary and banking system within the framework of the Hong Kong government

1. Keep the exchange rate of Hong Kong dollar stable.

2. Manage the exchange fund (i.e. Hong Kong's official reserves) through a prudent investment strategy.

3. Promote the stability of Hong Kong's banking system.

4. Develop Hong Kong's financial market infrastructure to ensure smooth currency circulation.

Policy objectives

The policy objectives of the HKMA are:

1. Within the framework of the linked exchange rate system, maintain monetary stability through the prudent management of the exchange fund, monetary policy operation and other appropriate measures.

2. To promote the security and stability of the banking system through the regulation of banking and deposit taking business, as well as the supervision of authorized institutions.

3. Promote the efficiency, soundness and development of the financial system, especially the payment and settlement arrangements.

human resources

Conduct and discipline

human resources

Working in the HKMA

The HKMA attaches great importance to the conduct of its staff. The HKMA has issued a code of conduct (PDF file, 1.1MB) to provide guidance on the ethical and legal responsibilities of employees. The HKMA requires staff to comply with the guidelines at all times.

Policies on post employment

In order to maintain the credibility and effectiveness of the HKMA, and to protect the interests of employees themselves, employees who leave the HKMA and transfer to other institutions should not involve any actual or potential conflicts of interest. In view of this, the HKMA has issued the "policies and procedures for post employment employment of HKMA staff" (PDF file), 120KB), which details the arrangements to be followed after receiving the notice of termination of employment, the procedures for senior manager or above to accept a new position in Hong Kong after being allowed to leave, the conditions that may be attached to the approval, and the restrictions on business contacts between former and current employees. Employees should be familiar with the policy and follow the relevant procedures.

Salary policy

The basic remuneration policies of the HKMA are as follows:

a. The remuneration and conditions of service of HKMA staff are determined by the financial secretary. The financial secretary made his decision on the basis of the advice provided by the Exchange Fund Advisory Committee and Its Governing Committee, taking into account the prevailing market pay levels and practices.

b. The remuneration package of the HKMA is all in cash, including only some basic benefits and a provident fund scheme.

c. The remuneration package of the HKMA consists of two parts: fixed remuneration paid monthly and floating remuneration paid annually according to the performance of employees.

d. The remuneration of HKMA staff is reviewed annually by the financial secretary on the basis of advice from the Exchange Fund Advisory Committee and Its Governing Committee. The review will take into account the findings of the independent consultant's survey on the financial sector's pay trends and levels, the HKMA's performance assessment and other appropriate factors. According to the performance of individual employees, the HKMA will allocate a lump sum payment to employees.

Training and development

The HKMA has invested a lot of resources in staff training to enable staff to acquire the necessary knowledge and skills to perform their duties more effectively. The training courses provided by the HKMA include specialized training in banking supervision, risk management, financial products and information technology, as well as general training in management, language, communication skills and team spirit.

Equal opportunity policy

The HKMA is an employer providing equal employment opportunities. We believe that all people should be able to work in an environment free of discrimination, harassment, slander and injury. The HKMA undertakes to comply fully with the Sex Discrimination Ordinance (Cap 480), the Disability Discrimination Ordinance (Cap 487) and the Family Status Discrimination Ordinance (Cap 527) and to ensure that all staff comply with them. The HKMA's equal opportunities policy applies to recruitment advertisements, recruitment procedures, terms and conditions of employment, performance appraisal, promotion, transfer, training, dismissal, dissatisfaction handling procedures and general conduct.

Staff activities and volunteer services

The HKMA participates in a number of public welfare and fund-raising activities organized by the Hong Kong chest, the Hong Kong Red Cross and other charitable organizations.

In 2001, some HKMA staff formed a volunteer team to provide volunteer services in their spare time. They co organized outings, visits, visits and other activities with other organizations to assist those in need.

SAR Government

Visit the Hong Kong Monetary Authority

The HKMA is an integral part of the government structure of the Hong Kong Special Administrative Region. However, it can employ staff on terms different from those of civil servants in order to attract talents with appropriate experience and expertise. However, the chief executive and his staff are still public officers. The HKMA enjoys a high degree of autonomy in its day-to-day operations under the delegated or delegated statutory powers of the monetary authority. The financial secretary is responsible for setting the monetary policy objectives and monetary system of Hong Kong. In his letter to the monetary authority on 25 June 2003, the financial secretary stipulated that monetary stability should be maintained through the currency board system, that is, the exchange rate of the Hong Kong dollar should be maintained at about HK $7.8 to US $1. The monetary authority is responsible for achieving the objectives of monetary policy, including determining the relevant strategies, tools and implementation methods, and ensuring the stability and soundness of Hong Kong's monetary system.

The financial secretary, with the assistance of the Secretary for financial services and the Treasury, is responsible for maintaining the stability and soundness of Hong Kong's financial system and its status as an international financial centre. To implement these policies, the monetary authority is responsible

(1) Promote the overall stability and effective operation of the banking system

(2) Cooperate with other relevant institutions and organizations to develop debt market

(3) Processing and legal notes

Chinese PinYin : Xiang Gang Jin Rong Guan Li Ju