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.
Clearing system link-up begins
The linked Hong Kong and Australian debt securities clearing system began operation yesterday. The move is a prelude to establishment of a pan-Asian bond trading system - AsiaClear - aimed at reducing the settlement risk of cross-border trading. Under the present link-up, the Hong Kong Monetary Authority's Hong Kong dollar debt securities clearing system joins Australia's Reserve Bank Information and Transfer System and the authority joins AustraClear, which provides clearing services for private sector debt securities.