Tag Archives: China

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

     The Hong Kong Monetary Authority (HKMA) announced today (June 28) that the total assets of the Exchange Fund amounted to HK$3,979.1 billion as at May 31, 2024, HK$83.8 billion lower than that at the end of April 2024. Hong Kong dollar assets decreased by HK$69.2 billion and foreign currency assets decreased by HK$14.6 billion.
      
     The decline in Hong Kong dollar assets was mainly due to the decrease in Exchange Fund Bills and Notes issued but not yet settled at month end. The decline in foreign currency assets was mainly due to withdrawals of Fiscal Reserves placements and reduction in the month-end balances of unsettled purchase of securities, which were partly offset by mark-to-market revaluation of investments.
      
     The Currency Board Account shows that the Monetary Base at the end of May 2024 was HK$1,919.0 billion, increased by HK$2.9 billion, or 0.2 per cent, from the end of April 2024. The increase was mainly due to amortisation of discount on Exchange Fund Bills and Notes issued, which was partly offset by the decrease in the outstanding amount of Certificates of Indebtedness.
      
     The amount of Backing Assets increased by HK$12.1 billion, or 0.6 per cent, to HK$2,135.1 billion at the end of May 2024. The increase was mainly attributable to interest from investments and mark-to-market revaluation of investments, which were partly offset by the redemption of Certificates of Indebtedness. The Backing Ratio increased from 110.79 per cent at the end of April 2024 to 111.26 per cent at the end of May 2024.

 
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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 the 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 June 2024, the scheduled dates for issuing the press releases are as follows:
 

June 7  (Issued)	SDDS International Reserves (Hong Kong’s Latest Foreign Currency Reserve Assets Figures)
June 14  (Issued)	SDDS Analytical Accounts of the Central Bank (Analytical Accounts of the Exchange Fund)
June 28	SDDS Template on International Reserves and Foreign Currency Liquidity
June 28	Exchange Fund Abridged Balance Sheet and Currency Board Account

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The following is issued on behalf of the Legislative Council Secretariat:
 
     The President of the Legislative Council (LegCo), Mr Andrew Leung, hosted a luncheon today (June 28) in the Dining Hall of the LegCo Complex for the Director of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region (the Liaison Office), Mr Zheng Yanxiong, and other Liaison Office officials.
 
     On behalf of all LegCo Members, Mr Leung expressed gratitude to Director Zheng for another visit to LegCo since last year for dedicated exchange with Members, fully demonstrating his recognition and support for the work of LegCo. Mr Leung pointed out that the Seventh LegCo had bid farewell to internal attrition and restored rationality. He said it was expected that by the summer recess in mid-July, LegCo would have passed 75 bills, an increase of 35 per cent compared to the same period in the previous term. Additionally, it was anticipated that 186 financial proposals, with a total commitment of over $500 billion, would have been approved by mid-July, reflecting an 11 per cent increase compared to the same period in the previous term. The results are a testament to the proactive pragmatism of Members.

     Mr Leung said the Chief Executive, Mr John Lee, driven by his strong sense of responsibility, proposed in March this year to enact legislation under Article 23 of the Basic Law. The bill, after scrutiny by LegCo, was subsequently passed, plugging the loophole in national security in the Hong Kong Special Administrative Region (SAR) and enabling Hong Kong to concentrate on its efforts on breaking new ground.
 
     Mr Leung stressed, “Since the early years of Hong Kong, the city has been evolving and advancing on an ever-changing track. From need to change, from change to solution, unfazed by change and dare to change are in Hong Kong’s DNA for success.” He pointed out that LegCo, as an integral member of “patriots administering Hong Kong”, shall spare no effort in assisting the SAR Government in assembling constructive forces to drive Hong Kong’s development. The Liaison Office serves as an important channel for connecting different sectors of Hong Kong and facilitating the exchanges between Hong Kong and the Mainland. LegCo looks forward to more regular and a closer collaboration with the Liaison Office, with a view to advancing Hong Kong from stability to prosperity and better contributing to our country.

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     In response to the Japanese Government’s plan to discharge nuclear-contaminated water at the Fukushima Nuclear Power Station, the Director of Food and Environmental Hygiene issued a Food Safety Order which prohibits all aquatic products, sea salt and seaweeds originating from the 10 metropolis/prefectures, namely Tokyo, Fukushima, Ibaraki, Miyagi, Chiba, Gunma, Tochigi, Niigata, Nagano and Saitama, from being imported into and supplied in Hong Kong.
 
     For other Japanese aquatic products, sea salt and seaweeds that are not prohibited from being imported into Hong Kong, the Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department will conduct comprehensive radiological tests to verify that the radiation levels of these products do not exceed the guideline levels before they are allowed to be supplied in the market.
 
     As the discharge of nuclear-contaminated water is unprecedented and will continue for 30 years or more, the Government will closely monitor and step up the testing arrangements. Should anomalies be detected, the Government does not preclude further tightening the scope of the import ban.
 
     From noon on June 27 to noon today (June 28), the CFS conducted tests on the radiological levels of 242 food samples imported from Japan, which were of the “aquatic and related products, seaweeds and sea salt” category. No sample was found to have exceeded the safety limit. Details can be found on the CFS’s thematic website titled “Control Measures on Foods Imported from Japan” (www.cfs.gov.hk/english/programme/programme_rafs/programme_rafs_fc_01_30_Nuclear_Event_and_Food_Safety.html).

     In parallel, the Agriculture, Fisheries and Conservation Department (AFCD) has also tested 50 samples of local catch for radiological levels. All the samples passed the tests. Details can be found on the AFCD’s website (www.afcd.gov.hk/english/fisheries/Radiological_testing/Radiological_Test.html).
 
     The Hong Kong Observatory (HKO) has also enhanced the environmental monitoring of the local waters. No anomaly has been detected so far. For details, please refer to the HKO’s website
(www.hko.gov.hk/en/radiation/monitoring/seawater.html).
 
     From August 24 to noon today, the CFS and the AFCD have conducted tests on the radiological levels of 63 118 samples of food imported from Japan (including 40 879 samples of aquatic and related products, seaweeds and sea salt) and 15 342 samples of local catch respectively. All the samples passed the tests. read more

     The Government today (June 28) announced the appointment of the Chairperson and members of the Advisory Committee on Admission of Quality Migrants and Professionals from July 1, 2024, to June 30, 2025.     &nbs… read more

     The Environmental Protection Department (EPD) today (June 28) released the latest grading of water quality for 39 gazetted beaches (see Note 1) and one non-gazetted beach (see Note 2).

     Fifteen beaches were rated as Good (Grade 1), 13 as Fair (Grade 2), and 12 as Poor (Grade 3).

Grade 1 beaches are:

Chung Hom Kok Beach	Middle Bay Beach
Deep Water Bay Beach*	Repulse Bay Beach*
Discovery Bay Tai Pak Beach	South Bay Beach*
Hap Mun Bay Beach*	St. Stephen’s Beach
Hung Shing Yeh Beach*	Tong Fuk Beach
Kiu Tsui Beach	Trio Beach
Kwun Yam Beach	Turtle Cove Beach
Lo So Shing Beach

 
Grade 2 beaches are:  

Cheung Chau Tung Wan Beach*	Shek O Beach*
Clear Water Bay First Beach	Silver Mine Bay Beach*
Clear Water Bay Second Beach*	Silverstrand Beach*
Kadoorie Beach	Stanley Main Beach*
Lower Cheung Sha Beach	Tai Po Lung Mei Beach*
Ma Wan Tung Wan Beach*	Upper Cheung Sha Beach
Pui O Beach*

 
Grade 3 beaches are:   

Anglers’ Beach*	Casam Beach*
Approach Beach	Castle Peak Beach
Big Wave Bay Beach*	Golden Beach*
Butterfly Beach*	Hoi Mei Wan Beach
Cafeteria New Beach	Lido Beach*
Cafeteria Old Beach	Ting Kau Beach*

 
     Compared with the grading released last week, Discovery Bay Tai Pak Beach has been upgraded from Grade 2 to Grade 1. Anglers’ Beach, Cafeteria New Beach, Casam Beach, Golden Beach, Hoi Mei Wan Beach and Lido Beach have been changed from Grade 2 to Grade 3.

     “The changes are generally within the normal range of fluctuation of the bacteriological water quality of the beaches,” an EPD spokesman said.

     Under the present grading system, beaches are classified into four grades, namely Good (Grade 1), Fair (Grade 2), Poor (Grade 3) and Very Poor (Grade 4), according to the level of E. coli in the water. Grades are calculated on the basis of the geometric mean of the E. coli counts on the five most recent sampling occasions.

     While the ratings represent the general water quality at the beaches, the EPD spokesman reminded members of the public that water quality could be temporarily affected during and after periods of heavy rain. Bathers should avoid swimming at beaches for up to three days after a tropical cyclone or heavy rainfall.

     A summary of beach grades is published weekly before the weekend. The latest beach grades based on the most current data may be obtained from the EPD’s website on Beach Water Quality (www.epd.gov.hk/epd/beach) or the beach hotline, 2511 6666. Members of the public can also obtain the latest daily water quality forecast information for all beaches that are open for swimming through the Beach Water Quality Forecast mobile application (available for download from: www.epd.gov.hk/en/BWQApp) or the dedicated beach water quality forecast page (www.epd.gov.hk/en/BWQForecast) on the EPD’s beach thematic website.
      
Note 1: Lifesaving services are provided by the Leisure and Cultural Services Department at 21 gazetted beaches, marked with an asterisk (*) above, from June 1. Due to the damage caused to the footpaths leading to Chung Hom Kok Beach by landslides, the beach is temporarily closed until further notice. For details, please refer to the Leisure and Cultural Services Department’s Special Announcement (www.lcsd.gov.hk/en/beach/index.html).
      
Note 2: This refers to Discovery Bay Tai Pak Beach which is a non-gazetted beach that has no lifesaving service. read more