Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) was established in April 1993 by merging the Office of the Exchange Fund with the Office of the Commissioner of Banking. The HKMA is responsible for maintaining monetary and banking stability, including maintaining currency stability within the framework of the Linked Exchange Rate system under which the Hong Kong dollar is pegged to the US dollar.
Lippo Ltd yesterday signed a US$120 million commercial paper programme, arranged by International Bank of Asia.
The company, part of the Indonesian-based Lippo Group, sees the programme as a sort of revival for the commercial paper market in Hong Kong, which has been almost non-existent since the Hong Kong Monetary Authority started issuing short-term notes.
Under the programme, Lippo can issue paper with maturities ranging from one month to five years.