Hong Kong Monetary Authority
Logo of the Hong Kong Monetary Authority
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| Headquarters | International Finance Centre, Finance Street, Central |
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| Established | 1 April 1993 |
| Chief Executive | Norman Chan |
| Central bank of | Hong Kong |
| Currency |
Hong Kong dollar HKD (ISO 4217) |
| Bank rate | 0.50% |
| Interest on reserves | None |
| Website | Hong Kong Monetary Authority |
The Hong Kong Monetary Authority (HKMA, Chinese: 香港金融管理局 or 金管局) is Hong Kong's currency board and de facto central bank. It is a government authority founded on 1 April 1993 when the Office of the Exchange Fund and the Office of the Commissioner of Banking merged. The organisation reports directly to the Financial Secretary.
The fund was established and managed originally by the Currency Ordinance in 1935. It is now named the Exchange Fund Ordinance.
Under the Exchange Fund Ordinance, the HKMA's primary objective is to ensure the stability of the Hong Kong currency, and the banking system. It is also responsible for promoting the efficiency, integrity and development of the financial system.
The HKMA issues banknotes only in the denomination of ten Hong Kong dollars. The role of issuing other banknotes is delegated to the note-issuing banks in the territory, namely The Hongkong and Shanghai Banking Corporation, Standard Chartered Bank and Bank of China.
The official reserves of Hong Kong and the banking system are important underpinnings of the linked exchange rate system.
Since 1995, the HKMA has entered into a stability pact with central banks in Malaysia, Thailand, Indonesia and Australia to engage in repurchase agreements, which provide liquidity on a two-way basis.
The Central Moneymarkets Unit (CMU), established in the 1990, provides computerised clearing and settlement facilities for Exchange Fund Bills and Notes. It extended the service to other Hong Kong dollar debt securities in late 1993. A seamless interface allow the co-existence of the CMU and the newly launched real-time gross settlement (RTGS) inter-bank payment system. This enables end-of-day delivery versus payment (DVP) services as opposed to Non-DVP.
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