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.


Bonus cut to 2 months for HKMA staff

The Monetary Authority froze the salaries of its chief executive, Joseph Yam Chi-kwong, and about 600 employees this year and reduced their variable pay - similar to a bonus - by 30 per cent last year, the authority said yesterday.

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