Tag Archives: China

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

     The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) welcome the announcement of the People’s Bank of China (PBoC) today (July 9) to support offshore investors to use onshore bonds issued by the Ministry of Finance and policy banks on the Mainland and held under Northbound Bond Connect as margin collateral for Northbound Swap Connect transactions.

     This measure will provide Northbound Swap Connect investors with the additional choice of non-cash collateral, reducing their liquidity cost and improving capital efficiency. It will also help vitalise offshore investors’ onshore bond holdings and further enhance the attractiveness of onshore bonds. The measure will also promote synergies between Bond Connect and Swap Connect, thereby further invigorating market participation in the Connect Schemes.

     This is a new arrangement for the use of onshore bonds as eligible collateral in the offshore market, following the inclusion of onshore bonds issued by the Ministry of Finance and policy banks on the Mainland in the list of eligible collateral for the HKMA’s RMB Liquidity Facility on February 26 this year. It is built on the collaborative efforts with the PBoC to deepen financial co-operation between Hong Kong and the Mainland and further promote RMB internationalisation in a steady, orderly and sound manner. The HKMA and the SFC will continue to provide guidance to the financial infrastructure institutions (including the HKMA Central Moneymarkets Unit and OTC Clearing Hong Kong Limited) to take forward the preparatory work, including promulgating rules for the provision of collateral by way of security interest or title transfer, and for the transfer of the relevant bonds, with a view to implementing this new measure as soon as practicable. Relevant details will be announced in due course. read more

     An owners’ corporation (OC) and two property owners were convicted and fined over $270,000 at the Fanling Magistrates’ Courts last month for failing to comply with removal orders issued under the Buildings Ordinance (BO) (Cap. 123).

     The first case involved several unauthorised structures with a total area of about 98 square metres on the common roof of a composite building on San Fung Avenue, Sheung Shui. As the unauthorised building works (UBWs) were carried out without prior approval and consent from the Buildings Department (BD), a removal order was served on the OC under section 24(1) of the BO.

     Failing to comply with the removal order, the OC was prosecuted by the BD and was fined $126,960, of which $104,960 was the fine for the number of days that the offence continued, upon conviction at the Fanling Magistrates’ Courts on June 11.

     The second and the third cases involved the same village house in Sai Keng, Tai Po. The second case involved an unauthorised structure with an area of about 45 square metres on the ground floor of the village house and a fence wall together with a metal gate erected on the adjoining open area, while the third case involved an unauthorised structure with an area of about 40 square metres on the roof of the village house.

     As the Lands Department would not issue a certificate of exemption for the UBWs and that were carried out without prior approval and consent from the BD, removal orders were served on the two owners respectively under section 24(1) of the BO.

     Failing to comply with the removal orders, the owners were prosecuted by the BD. The owner of the second case was fined $85,470, of which $67,470 was the fine for the number of days that the offence continued, upon conviction at the Fanling Magistrates’ Courts on June 18. The owner of the third case claimed that the subject order was already complied with during the hearing, and was eventually fined $66,225, of which $56,225 was the fine for the number of days that the offence continued, upon conviction at the court on the same day.

     A spokesman for the BD said today (July 9), “UBWs may lead to serious consequences. Owners must comply with the removal orders without delay. The BD will continue to take enforcement action against owners who have failed to comply with the removal orders, including instigation of prosecution, to ensure building safety.”

     Failure to comply with a removal order without reasonable excuse is a serious offence under the BO. The maximum penalty upon conviction is a fine of $200,000 and one year’s imprisonment, and a further fine of $20,000 for each day that the offence continues. read more

     Police today (July 9) appealed to the public for information on a girl who went missing in Tin Shui Wai.      Lam Yan-ting, aged 16, went missing after she left her residence in Hung Fuk Estate on June 23… read more

Attention TV/radio announcers: Please broadcast the following as soon as possible:      The Hong Kong Observatory has issued the Very Hot Weather Warning.      To prevent heat stroke, avoid pro… read more

     The Centre for Health Protection (CHP) of the Department of Health (DH) today (July 9) reminded members of the public, particularly those undertaking outdoor activities, to take heed of necessary measures against heat stroke and sunburn in very hot weather.

     “The public should carry and drink plenty of water to prevent dehydration while engaging in outdoor activities,” a spokesman for the CHP said.

     “Those engaged in strenuous outdoor activities should avoid beverages containing caffeine, such as coffee and tea, as well as alcohol, as they speed up water loss through the urinary system,” the spokesman explained.

     “Infants and children, the elderly, pregnant women, those with chronic illnesses such as heart disease or high blood pressure, outdoor/manual workers, and individuals who are overweight are more vulnerable to heat stroke. They should pay special attention,” the spokesman added.

     The public should adopt the following precautions:
 

• Wear loose and light-coloured clothing to reduce heat absorption and facilitate sweat evaporation and heat dissipation;
• Avoid vigorous exercise and prolonged activities like hiking or trekking as heat, sweating and exhaustion can place additional demands on the physique;
• Perform outdoor activities in the morning or the late afternoon, if possible;
• For indoor activities, open all windows, use a fan or use air-conditioning to maintain good ventilation;
• Do not stay inside a parked vehicle; and
• Reschedule work to cooler times of the day if feasible. If working in a hot environment is inevitable, introduce shade in the workplace where practicable. Start work slowly and pick up the pace gradually. Move to a cool area for rest at regular intervals to allow the body to recuperate.

     
     â€‹The public should also note the latest and the forecast Ultraviolet (UV) Index released by the Hong Kong Observatory (HKO). When the UV Index is high (6 or above):
 

• Minimise direct exposure of the skin and the eyes to sunlight;
• Wear long-sleeved and loose-fitting clothes;
• Wear a wide-brimmed hat or use an umbrella;
• Seek a shaded area or put on UV-blocking sunglasses;
• Apply a broad-spectrum sunscreen lotion with a minimum sun protection factor (SPF) of 15, preferably higher. Reapply every two hours if you stay out in the sun, and after swimming, sweating or towelling off; and
• While using DEET-containing insect repellents for personal protection against mosquito-borne diseases, apply sunscreen first, then insect repellent.

    
     â€‹If symptoms develop, such as dizziness, headache, nausea, shortness of breath or confusion, rest and seek help immediately, and seek medical advice as soon as possible.
     
     â€‹The public may obtain more information from the DH’s Health Education Infoline (2833 0111), heat stroke page and UV radiation page; the HKO’s Dial-a-Weather (1878 200), latest weather report and forecast, UV Index and weather information for hiking and mountaineering; and press releases of the Labour Department on precautions against heat stroke for outdoor workers and their employers when the Very Hot Weather Warning is in force. read more