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.


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Business Digest, December 8, 2012

PUBLISHED : Saturday, 08 December, 2012, 12:00am
UPDATED : Saturday, 08 December, 2012, 3:49am

HKMA sells HK$3.875b to weaken HK dollar

The Hong Kong Monetary Authority (HKMA) stepped into the currency market yesterday, selling HK$3.875 billion as the local dollar repeatedly hit the strong side of its trading range against the US dollar. Hong Kong's official foreign currency reserve assets stood at US$305.2 billion at the end of last month, the HKMA said, up 1.2 per cent from the end of October. Reuters


ICBC part of group eyeing AIG unit

A group of mainland firms, including the Industrial and Commercial Bank of China, is in talks to buy American International Group's aircraft leasing unit, ILFC, for about US$5.5 billion, a person familiar with the deal said. Reuters


CNOOC gets EU nod for takeover of Nexen

CNOOC, China's biggest offshore oil and gas producer, won unconditional European Union approval for its US$15.1 billion purchase of Canada's Nexen, the European Commission said in Brussels. Canada is due to rule on the deal by Monday. Bloomberg


Prada shares surge to close at record HK$71

The stock of Hong Kong-listed Italian luxury handbag maker Prada soared 10 per cent to a record close of HK$71 yesterday. The Milan-based company had reported better than expected third-quarter earnings, fuelled by Asian and European sales. Celine Sun


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Business Digest, December 8, 2012

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