WEDNESDAY, MARCH 3, 1993
10
"FOR THE AVOIDANCE OF ANY DOUBT, LET ME REPEAT HERE THE ASSURANCE THAT I GAVE LAST YEAR, THAT I REMAIN COMMITTED TO THE EXISTING LINKED EXCHANGE RATE, HE SAID.
IN A FIELD WHICH IS EVOLVING AS RAPIDLY AND DRAMATICALLY AS FINANCIAL SERVICES, THE GOVERNMENT HAS A SPECIAL RESPONSIBILITY TO KEEP ABREAST OF CHANGE.
"I CONSIDER IT PARTICULARLY IMPORTANT THAT THE GOVERNMENT SHOULD RESPOND QUICKLY AND POSITIVELY TO ENABLE OUR FINANCIAL SERVICES TO TAKE FULL ADVANTAGE OF CHANGING CIRCUMSTANCES.
"WE ARE DOING JUST THAT.
IN THE PAST YEAR, MAJOR DEVELOPMENTS WERE SEEN:
*
IMPORTANT STEPS TAKEN TO ENABLE THE ESTABLISHMENT HONG KONG MONETARY AUTHORITY, THANKS TO THE UNANIMOUS SUPPORT OF THE LEGISLATIVE COUNCIL,
OF THE
*
OF THE
FURTHER MONETARY REFORM THROUGH THE ESTABLISHMENT LIQUIDITY ADJUSTMENT FACILITY, HONG KONG'S VERSION OF A DISCOUNT WINDOW,
THE LAUNCHING OF A NEW SECURITIES CENTRAL CLEARING AND SETTLEMENT SYSTEM, THANKS TO THE EFFORTS OF THE SECURITIES AND FUTURES COMMISSION AND THE HONG KONG STOCK EXCHANGE, AND
THE DECISION BY THE CHINESE GOVERNMENT TO CONSIDER THE LISTING OF NINE STATE-OWNED COMPANIES ON THE STOCK MARKET, ANNOUNCED IN OCTOBER 1992.
THESE WERE IMPORTANT AND USEFUL STEPS, HE SAID, ADDING THAT THERE WAS MORE THE GOVERNMENT COULD DO.
"WE ARE CONSIDERING STEPS ΤΟ IMPROVE THE LIQUIDITY OF SECURITIES ISSUED BY STATUTORY CORPORATIONS (SUCH AS THE AIRPORT AUTHORITY AND THE MASS TRANSIT RAILWAY CORPORATION) THROUGH EXTEND ING TO THEM THE MARKET MAKING ARRANGEMENTS FOR EXCHANGE FUND BILLS AND BONDS.
"WE ARE DESIGNING A CENTRAL CUSTODY SYSTEM FOR HONG KONG DOLLAR DEBT INSTRUMENTS IN PAPERLESS FORM.
"WE SHALL CONVERT THE LAND AND COMPANIES REGISTRIES INTO NEW STYLE TRADING FUND DEPARTMENTS TO ENABLE THEM TO SERVE THEIR CLIENTS BETTER, HE SAID.
HE SAID THERE WAS AN IMPORTANT TECHNICAL POINT WHICH HE SHOULD LIKE TO CLARIFY.
IN 1991/92, THE GOVERNMENT STARTED TO ISSUE TWO-TO-THREE YEAR GOVERNMENT BONDS, WHICH HAVE ENHANCED THE DEVELOPMENT OF THE HONG KONG DOLLAR DEBT MARKET.
THIS PROGRAMME IS GOING WELL, HE SAID.
"RECAUSE THESE