Tag Archives: China

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

     The Hong Kong Monetary Authority (HKMA) announced today (April 30) that the total assets of the Exchange Fund amounted to HK$4,063.8 billion as at March 31, 2024, HK$22.9 billion higher than that at the end of February 2024. Foreign currency assets increased by HK$23.2 billion while Hong Kong dollar assets decreased by HK$0.3 billion.

     The rise in foreign currency assets was mainly due to mark-to-market revaluation of investments and interest income from investments. The decline in Hong Kong dollar assets was mainly due to mark-to-market revaluation of Hong Kong equities and reduction in the month-end balances of unsettled purchase of securities.

     The Currency Board Account shows that the Monetary Base at the end of March 2024 was HK$1,918.1 billion, increased by HK$8.4 billion, or 0.4 per cent, from the end of February 2024. The increase was mainly due to the increase in the outstanding amount of Certificates of Indebtedness and amortisation of discount on Exchange Fund Bills and Notes.

     The amount of Backing Assets increased by HK$13.6 billion, or 0.6 per cent, to HK$2,131.5 billion at the end of March 2024. The increase was mainly attributable to interest from investments and the issuance of Certificates of Indebtedness. The Backing Ratio increased from 110.90 per cent at the end of February 2024 to 111.12 per cent at the end of March 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 April 2024, the scheduled dates for issuing the press releases are as follows:
 

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

     â€‹The Hong Kong Monetary Authority (HKMA) released today (April 30) the analytical data on the Hong Kong Special Administrative Region’s foreign currency reserves and foreign currency liquidity as at the end of March 2024 (Annex). These data are published monthly in the Template on International Reserves and Foreign Currency Liquidity in accordance with the International Monetary Fund’s Special Data Dissemination Standard (SDDS).

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

The following is issued on behalf of the Hong Kong Monetary Authority:      The Hong Kong Monetary Authority announced today (April 30) the results of its survey on residential mortgage loans (RMLs) in negative equity at end… read more

Attention TV/radio announcers: Please broadcast the following as soon as possible:      Here is an item of interest to swimmers.      The Leisure and Cultural Services Department announced toda… read more

The following is issued on behalf of the Minimum Wage Commission:

     The Minimum Wage Commission (MWC) has unanimously put forth its recommendations on enhancing the review mechanism of the Statutory Minimum Wage (SMW) after extensive consultations, detailed analyses and thorough deliberations. The recommendations are reviewing the SMW rate once a year (Annual Review), adopting a formula for implementing the Annual Review and reviewing the aforesaid new review mechanism five to 10 years after its implementation.

     The Chairperson of the MWC, Ms Priscilla Wong, said today (April 30), “We are delighted to learn that after considering the MWC’s study report, the Chief Executive (CE) in Council has accepted our recommendations on enhancing the review mechanism of the SMW.”

     Ms Wong added, “The recommendations on the new review mechanism represent the unanimous consensus of the MWC. The adoption of a formula for adjusting the SMW rate can reduce the contention of the community over the rate of each SMW adjustment, thereby helping foster harmonious labour relations. The MWC believes that the new review mechanism can enhance the efficiency of reviewing the SMW rate, while complying with the policy objectives of the Minimum Wage Ordinance (Cap. 608).”

     With the CE in Council’s acceptance of the MWC’s recommendations, the MWC has successfully concluded the aforesaid study. The MWC notes that the CE will require the MWC to submit the next recommendation report on the SMW rate to the CE in Council on or before October 31 this year in accordance with the requirements of the Minimum Wage Ordinance. The MWC will commence the relevant work in due course.

     The “Study Report on Enhancing the Review Mechanism of the Statutory Minimum Wage” has been uploaded to the MWC’s website (www.mwc.org.hk). read more