Monetary Authority
The Hong Kong Monetary Authority is the government authority responsible for maintaining monetary and banking stability. It maintains currency stability within the framework of the Linked Exchange Rate system, helps maintain Hong Kong's status as an international financial centre, and manages the Exchange Fund.
Minister of Foreign Affairs Yang Jiechi has endorsed Hong Kong’s roles and functions under the 12th Five-Year Plan period, including its status as an international financial centre, exhibition centre, and regional legal service and arbitration centre.
This was his message to Chief Executive Donald Tsang during their meeting today in Beijing. He congratulated Hong Kong on its successful participation in the Shanghai Expo, which ended in October.
Mr Tsang thanked the Foreign Affairs Ministry for its support and assistance during the Manila hostage incident, which enabled the Hong Kong Government to launch prompt and efficient follow-up actions.
He also appreciated its efforts in advancing Hong Kong’s international arbitration services overseas in recent years and hoped Mainland diplomatic officials will continue promoting Hong Kong’s status as an international arbitration centre to Asia-Pacific countries.
Mr Yang said the ministry will also back Hong Kong’s proposed bid to host the 2023 Asian Games.
At another meeting, China Banking Regulatory Commission Chairman Liu Mingkang told Mr Tsang the Hong Kong service sector is characterised by its high management efficiency and big talent pool.
Mr Liu pledged the commission's full support for the further expansion of Hong Kong service businesses on the Mainland, particularly financial services. Noting the impressive development of the Hong Kong banking sector on the Mainland, he said the commission will continue to play a facilitating role.
The Chief Executive and Mr Liu exchanged views on the global economic situation and both agreed to further the good co-operation between the commission and the Hong Kong Monetary Authority.
