The following is issued on behalf of the Hong Kong Monetary Authority:
 
     The Federal Open Market Committee of the United States Federal Reserve (the Fed) just announced its decision to cut the target range for the federal funds rate by 25 basis points, to 4.5-4.75 per cent. The HKMA has reduced the Base Rate to 5 per cent according to the established mechanism with immediate effect.
      
     The Fed further cut interest rates as expected by the market to implement less restrictive monetary policy. However, the pace of future rate cuts remains uncertain as it is subject to US economic data, which will be influenced by fiscal, economic and trade policies. Furthermore, monetary policies across the major economies are not entirely in sync. The risk of global financial market volatility should continue to be closely monitored.
      
     Our financial and monetary markets have continued to operate in a smooth and orderly manner. Market liquidity condition has remained stable, and the Hong Kong dollar exchange rate stays steady. Under the Linked Exchange Rate System, Hong Kong dollar interbank rates generally track the US dollar counterparts, while shorter-tenor interbank rates tend to be also influenced by the supply and demand of Hong Kong dollar funding in the local market such as seasonal effects and capital market activities.
      
     With regard to deposit and lending rates, banks will normally take into account factors such as funding supply and demand in the interbank market, the level of interbank rates and their own funding cost structures to access the merit and extent of adjustments, if any. The rate-cut cycle in the US is still at its initial stage. Interest rates might still remain at relatively high levels for some time. The public should carefully assess and continue to manage the interest rate risk when making property purchase, mortgage or other borrowing decisions. 
      
     The rate-cut decision in the US will not affect our financial and monetary stability. The HKMA will closely monitor market developments including trends of interest rates and movements of funds around the global markets to ensure financial and monetary stability.

     â€‹Hongkong Post announced today (November 8) that selected philatelic products issued by China Post, Macao Post and Telecommunications and the postal administrations of Australia, Isle of Man, Japan, Liechtenstein, New Zealand and the United Kingdom will be available for sale from November 12 (Tuesday).
      
     China Post issued "The Investitures of the Gods (I)" and "Mogao Caves (II)" stamps. "The Investitures of the Gods (I)" stamps are crafted with Chinese traditional Gongbi painting and heavy colours, inheriting the aesthetics of Song dynasty paintings. With fine brushstrokes and precise composition, the stamps create a realm of fantasy that is mysterious, ancient, and magnificent. "Mogao Caves (II)" stamps exhibit the texture and shape of the statues, which are austere and elegant, highlighting the rich historical and cultural essence of Mogao Caves. Meanwhile, Macao Post and Telecommunications released two sets of philatelic products, namely the "40th Anniversary of Television Broadcast in Macao" stamp sheetlet that commemorates the 40 years of television broadcasting service to the population of Macao, and the "Trails in Macao" stamps that feature four popular trails located in Macao, Taipa, Coloane and the landscape along the trails.
      
      As for other philatelic products, Australia Post issued a set of stamps themed "Koalas in Danger", raising the awareness about the endangered koalas. Japan Post released a set of stamps on "Autumn Greetings 2024" to depict leisurely scenes of life and a variety of flora and fauna in Autumn colours, showing the sense of the season. Liechtensteinische Post AG issued a stamp sheetlet to mark the 100 years of the Swiss Franc as the national currency of the Principality of Liechtenstein. In addition, Royal Mail launched a set of stamps themed "Tower of London" to showcase many of this iconic landmark's fascinating features and time-honoured traditions.
      
      The selected philatelic products will be available for sale at the Hongkong Post online shopping mall ShopThruPost (shopthrupost.hongkongpost.hk) starting from 9 am on November 12, while stocks last. These products will also be available at the PostShop of the General Post Office, Tsim Sha Tsui Post Office and Sha Tin Central Post Office on the same day. Details of each product, the prices and sales quotas are set out in the Appendix. For further information, members of the public may visit the Hongkong Post Stamps website (stamps.hongkongpost.hk) or call the Hongkong Post Philatelic Bureau hotline at 2785 5711.

                        

     The Civil Engineering and Development Department (CEDD) today (November 8) gazetted a notice to extend the tender period for the contract for site formation and infrastructure works for public housing development at three urban squatter areas, Kowloon East (Contract No. SD/2024/02) to noon on November 29.

     The CEDD invited tenders for the contract on September 20. The tender period was originally scheduled to expire at noon on November 15. Details of the tender notice are available on the CEDD website (www.cedd.gov.hk/eng/tender-notices/contracts/tender-notices/index.html).

     The CEDD has commissioned AECOM Asia Company Limited to design and supervise the works. For enquiries, please call the company at 3922 9000 during office hours.

     The Government announced today (November 8) the reappointments of Dr Benny Lo Kwan-ching, Ms Ada Wu Ching-mei and Professor Henry Chung Shu-hung, as well as the appointment of Ms Chan Wo-mi, as members of the Copyright Tribunal for a two-year term with effect from December 1, 2024.
 
     The Government also expressed gratitude to the outgoing member, Ms Loretta Fong Wan-huen, for her service to the Tribunal over the years.
 
     The Copyright Tribunal is a quasi-judicial body established under the Copyright Ordinance. It adjudicates on disputes concerning the terms and conditions of copyright licensing schemes devised by licensing bodies. It consists of a chairman, a deputy chairman and seven members.
 
     The full membership of the Copyright Tribunal, with effect from December 1, 2024, is as follows:
 
Mr Jenkin Suen, SC (Chairman)
Ms Anita Leung Ping-fun (Deputy Chairman)
Miss Cheung Yee-mei
Dr Benny Lo Kwan-ching
Ms Ada Wu Ching-mei
Professor Henry Chung Shu-hung
Mr Ronald Kwok Wing-chung
Mr Johnny Sze Chun-hong
Ms Chan Wo-mi

     The Government published in the Gazette today (November 8) the Stamp Duty Legislation (Miscellaneous Amendments) Bill 2024 to waive the stamp duty payable on the transfer of shares or units of real estate investment trust (REIT) and the jobbing business of options market makers, and to provide for a revised stamp duty collection arrangement upon the implementation of the uncertificated securities market (USM) regime in Hong Kong.
 
     "The stamp duty waiver payable on the transfer of REIT shares or units and the jobbing business of options market makers, as announced in the 2024-25 Budget, would enhance the competitiveness of Hong Kong REITs and reduce the transaction costs of options market makers. The revised stamp duty collection arrangement would facilitate a more efficient stamping and collection process under the USM environment. These measures would help promote the development of the financial market," the Government spokesperson said.
 
     The Bill will be introduced into the Legislative Council for first reading on November 20.