Author Archives: hksar gov

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) announced today (August 7) that the official foreign currency reserve assets of Hong Kong amounted to US$419.3 billion as at the end of July 2024 (end-June 2024: US$416.3 billion) (Annex).

     Including unsettled foreign exchange contracts, the foreign currency reserve assets of Hong Kong at the end of July 2024 amounted to US$418.7 billion (end-June 2024: US$416.0 billion).

     The total foreign currency reserve assets of US$419.3 billion represent over five times the currency in circulation or about 39 per cent of Hong Kong dollar M3.
 
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     At present, four press releases relating to the Exchange Fund’s data are issued by the HKMA each month. Three of these releases are issued to disseminate monetary data in accordance with International Monetary Fund’s Special Data Dissemination Standard (SDDS). The fourth press release, on the Exchange Fund’s Abridged Balance Sheet and Currency Board Account, is made in accordance with the HKMA’s policy of maintaining a high level of transparency. For the month of August 2024, the scheduled dates for issuing the press releases are as follows:
 

August 7	SDDS International Reserves (Hong Kong’s Latest Foreign Currency Reserve Assets Figures)
August 14	SDDS Analytical Accounts of the Central Bank (Analytical Accounts of the Exchange Fund)
August 30	SDDS Template on International Reserves and Foreign Currency Liquidity
August 30	Exchange Fund Abridged Balance Sheet and Currency Board Account

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     The Office of the Communications Authority (OFCA) announced today (August 7) the list of 10 school teams that have qualified for the final round of the 5G Campus Application Competition 2024.
 
     OFCA is organising the Competition for the second year under the theme of “5G x AI – Smart Living and Learning Anytime Anywhere” to enhance students’ understanding of the enormous potential of fifth generation mobile (5G) technology and its extensive innovative applications, as well as to inspire them to apply 5G and artificial intelligence (AI) technologies in creating smart living and learning experiences.
 
     Launched in May this year, the Competition consists of two contest rounds. The first-round submission of entries closed at the end of July, with entries by 43 teams from 37 schools received. The entries were rich in content, covering a wide range of innovative applications of 5G and AI technologies in various aspects, such as enhancing students’ learning efficiency, improving facilities and the environment on campus and in the neighbouring community, and providing diversified learning and teaching experiences. The submissions fully demonstrated the innovative ideas of the participating teams in the applications of 5G and AI technologies.
 
     The first-round judging panel comprised representatives from OFCA and the Hong Kong Productivity Council, the co-organiser of the Competition. After a detailed assessment based on the scoring criteria, the following 10 school teams have been shortlisted to compete in the final round (listed in alphabetic order of the school names):
 

Team	Entry title
Baptist Lui Ming Choi Secondary School	LMC Skill Tube
CCC Chuen Yuen College	AI-Powered 5G Recycling Bins: A Sustainable Revolution
Cumberland Presbyterian Church Yao Dao Secondary School	Campus Intelligent Patrol and Duty Device
HKUGA College	SchoolSPARK Campus App
Po Leung Kuk Ma Kam Ming College	Play, INNOVATION, Exercise (P.I.E.)
Pok Oi Hospital 80th Anniversary Tang Ying Hei College	AI Learning System for Recognising Bird-chirping Sound
Raimondi College	EatSmart Campus App
S.K.H. St. Mary’s Church Mok Hing Yiu College	5G x AI in Sonata Exhibition
S.K.H. Chan Young Secondary School	Bus Route Planner and Optimizer
St. Paul’s Secondary School	Eye-know Smart Glasses

 
     The finalists will be invited to participate in the 5G and AI Themed Mobile App Development Training Workshop to understand more about how to create advanced mobile applications through hands-on projects. They will attend the final round competition to be held on November 30 to give presentations of their entries with demonstrations to the final round judging panel, which comprises representatives from OFCA, the academic sector and research institutes as well as experts from industry and will decide on the winners based on the scoring criteria. The award presentation ceremony will be held on the same day.
 
     For more details and the latest news of the Competition, please visit the thematic website. read more

     â€‹Hong Kong Customs yesterday (August 6) seized about 4.5 kilograms of suspected cannabis buds with an estimated market value of about $1.2 million in Hung Hom and Jordan. A man suspected to be connected with the case was arrested.

     During an anti-narcotics operation conducted in the vicinity of Hung Hom yesterday evening, Customs officers intercepted a 41-year-old man and found about 1kg of suspected cannabis buds inside a recycle bag carried by him. He was then arrested. Customs officers later escorted the man to his rented sub-divided flat in Jordan for a search, and further seized about 3.5kg of suspected cannabis buds there.

     The arrested man, who claimed to be a construction worker, has been charged with two counts of trafficking in a dangerous drug. He will appear at the Kowloon City Magistrates’ Courts tomorrow (August 8).

     Under the Dangerous Drugs Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.

     Members of the public may report any suspected drug trafficking activities to Customs’ 24-hour hotline 2545 6182 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

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     The Secretary for Justice, Mr Paul Lam, SC, leading a delegation of about 20 persons comprising representatives from the Hong Kong Bar Association, the Law Society of Hong Kong and related sectors, attended the “Resolve2Win – Legal Services of Hong Kong, Opportunities for All” conference in Shenzhen today (August 7). Under the theme of synergistic development with Hong Kong to go global, the conference was organised by the Department of Justice (DoJ) and the Hong Kong Trade Development Council (HKTDC) to promote Hong Kong’s legal and dispute resolution services.

     The conference was attended by more than 300 representatives from the legal, business and other sectors. Delivering his remarks at the conference, Mr Lam said that as the only common law jurisdiction within the country, Hong Kong has the unique advantage of enjoying the strong support of the motherland while being closely connected to the world. Under the guiding principles set forth in the Action Plan on the Construction of Rule of Law in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), the DoJ has been actively promoting the construction of the rule of law in the GBA. Through the interfacing of mechanisms, regulatory frameworks and talent which constitutes the “Three Interfaces”, the connectivity of hardware and software in the construction of rule of law in the GBA will continue to be promoted. Hong Kong’s position as an international legal and dispute resolution services centre in the Asia-Pacific region would also be leveraged to assist the joint development of the GBA.

     This was followed by two panel discussion sessions. The first session discussed the global business strategy of enterprises regarding the enhancement of compliance strategy and cross-border dispute resolution. Speakers comprising seasoned legal professionals from Hong Kong and a representative from a Shenzhen company discussed issues on compliance arising from enterprises’ pursuit of international business development. Different cases were also cited to demonstrate Hong Kong’s unique advantage as a one-stop legal service platform in handling cross-border business and trade transactions and commercial disputes, offering comprehensive legal services for enterprises at different stages of development.

     The second discussion session was about digital transformation in the context of the development of emerging technology and opportunities brought about for enterprises. Seasoned legal professionals from Hong Kong talked about the development opportunities offered by emerging technology to enterprises, and the potential legal risks therein. They also introduced to the audience the latest lawtech services in Hong Kong. The conference was concluded by the closing remarks of Deputy Executive Director of the HKTDC Dr Patrick Lau. The networking luncheon was then held, where Mr Lam gave a keynote speech.

     Upon his arrival in Shenzhen yesterday (August 6), Mr Lam first visited the GoGBA Business Support Centre at the Futian High Speed Rail Station, launched by the HKTDC this year, to have a better understanding of the latest developments of Shenzhen and the global business strategy of enterprises, before attending a networking luncheon with the Shenzhen Federation of Industry and Commerce. He then visited the first specialist technology company listed in Hong Kong under Chapter 18C of the Listing Rules, XtalPi, to learn more about its business development and how Hong Kong’s comprehensive legal professional services could provide high-quality and diverse cross-border support to GBA enterprises as well as domestic and overseas investors. It was followed by a visit to the exhibition centre of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone, where Mr Lam learned about its work on promoting the interface of the rules and mechanisms between Shenzhen and Hong Kong. In the evening, Mr Lam attended a dinner and met with member of the Standing Committee of the CPC Shenzhen Municipal Committee Mr Chen Qing.

     Mr Lam and his delegation will depart for Foshan this afternoon to continue their visit in the GBA.

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     The effective exchange rate index for the Hong Kong dollar on Wednesday, August 7, 2024 is 105.2 (up 0.4 against yesterday’s index). read more