THURSDAY, MAY 12, 1988
FOR THE
ΤΟ
"TO FACILITATE THIS TREND THERE ARE PLANS DOUBLE-TRACKING OF THE RAILWAY SYSTEM OF EASTERN CHINA FROM PEKING HONG KONG AND CONSTRUCTION HAS STARTED ON A MOTORWAY FROM CANTON ΤΟ PEKING.
"THESE DEVELOPMENTS WILL ENHANCE HONG KONG'S SIGNIFICANCE AS AN ENTRY AND EXIT POINT FOR TRADE BETWEEN CHINA AND THE REST OF THE WORLD.
-
**
"MANY MULTI-NATIONAL CORPORATIONS HAVE SET THEMSELVES UP HONG KONG AS THE LOGICAL BASE FOR THEIR OPERATIONS IN CHINA AND THE REGION WANG, DIGITAL, AT&T, WESTINGHOUSE, MOTOROLA, IBM CAN'T ALL BE WRONG, MR TSAO SAID.
IN
GOVT MAY CONSIDER INTRODUCING LEGISLATION ON NEGATIVE INTEREST RATES
*
AGAINST
BE
+
THE HONG THE WHICH
IN THE UNLIKELY EVENT THAT NEGATIVE INTEREST RATES HAVE ΤΟ IMPLEMENTED AND THERE IS A CHALLENGE IN THE COURTS KONG ASSOCIATION OF BANKS' POWERS TO MAKE THE RULES CONCERNED GOVERNMENT WILL CONSIDER INTRODUCING APPROPRIATE LEGISLATION WILL HAVE THE EFFECT THAT THE RULES ARE DESIGNED TO ACHIEVE.
AFFAIRS, THE
THIS WAS STATED BY THE DEPUTY SECRETARY FOR MONETARY MR JOSEPH YAM, IN HIS ADDRESS TO THE CHINESE EXECUTIVES CLUB OF HONG KONG MANAGEMENT ASSOCIATION THIS (THURSDAY) EVENING.
"AS VERY CLEAR NOTICE HAS ALREADY BEEN GIVEN, SUCH LEGISLATION IF CONSIDERED NECESSARY WILL, SUBJECT ΤΟ THE APPROVAL OF LEGISLATIVE COUNCIL, HAVE RETROSPECTIVE EFFECT," HE SAID.
THE
KONG AFTER
ON THE LEGALITY OF THE MECHANISM FOR IMPLEMENTING NEGATIVE INTEREST RATES, MR YAM SAID THAT UNDER SECTION 12(1) OF THE HONG ASSOCIATION OF BANKS ORDINANCE, THE COMMITTEE OF НКАВ, CONSULTATION WITH THE FINANCIAL SECRETARY, COULD "FROM TIME TO MAKE SUCH RULES RELATING TO THE CONDUCT OF THE BUSINESS OF BANKING.
TIME
HE SAID THE ORDINANCE FURTHER DEFINED BUSINESS OF WIDELY AS
BANKING" "ANY OF THE ACTIVITIES OR FUNCTIONS OF A LICENSED BANK" HE WOULD HAVE THOUGHT THAT ONE OF THE ACTIVITIES
AND OR FUNCTIONS OF BANK MUST BE TO TAKE DEPOSITS.
A
OF
HE ADDED THAT ALTHOUGH THE ORDINANCE DID NOT HAVE A DEFINITION DEPOSITS" THE BANKING ORDINANCE DEFINED DEPOSIT AS "A LOAN OF
AT INTEREST, AT NO INTEREST AND AT NEGATIVE INTEREST
MONEY
"AGAINST THIS