MONDAY, NOVEMBER 8,
1993
"APART FROM THESE AREAS OF RESPONSIBILITY CONCERNING THE ROLES
THE OF MONEY, THE HONG KONG MONETARY AUTHORITY IS ALSO RESPONSIBLE FOR MANAGEMENT OF HONG KONG'S RESERVES IN THE FORM OF THE EXCHANGE FUND, HE SAID.
1992.
THE EXCHANGE FUND AMOUNTED TO HK$287 BILLION AT THE END OF
IS
"IN MANAGING THE EXCHANGE FUND, WE AIM FIRST OF ALL то MAKE SURE THAT THERE IS ENOUGH MONEY IN LIQUID FORM FOR USE, WHEN THERE A NEED, TO ENSURE EXCHANGE RATE STABILITY.
"'WE THEN TRY AND EARN MORE FOR THE EXCHANGE FUND BY INVESTING THE MONEY PRUDENTLY WHILE NOT TAKING EXCESSIVE RISKS FOR A FUND OF THIS NATURE. MR VAM SAID.
I
THE HKMA WAS ALSO RESPONSIBLE, ALONG WITH OTHER GOVERNMENT DEPARTMENTS, TO PROMOTE HONG KONG'S DEVELOPMENT AS AN INTERNATIONAL FINANCIAL CENTRE, HE SAID.
HE NOTED THAT THIS RESPONSIBILITY WAS, IN A WAY, A COMBINATION OF ALL OF THE OTHER RESPONSIBILITIES WHICH HE HAD EARLIER MENTIONED.
"FOR HONG KONG ΤΟ RETAIN ITS STATUS AS AN INTERNATIONAL FINANCIAL CENTRE, AND AS FAR AS MONETARY MATTERS ARE CONCERNED, WE MUST HAVE A CURRENCY THAT IS STABLE, A BANKING SYSTEM THAT IS SAFE, PAYMENT SYSTEMS THAT ARE RELIABLE AND A STRONG LEVEL OF RESERVES
IS PRUDENTLY MANAGED, HE SAID.
11
THAT
+
500 ECVIIS TO RETURN TO HAINAN
AGREEMENT A GOVERNMENT SPOKESMAN TODAY (MONDAY) ANNOUNCED THAT
RETURN OF MORE HAD BEEN REACHED WITH THE CHINESE AUTHORITIES ON THE THAN 500 EX-CHINA VIETNAMESE ILLEGAL IMMIGRANTS (ECVIIS) TO HAINAN
(TUESDAY). AIR ON FOUR CONSECUTIVE DAYS STARTING TOMORROW
THERE WILL BE TWO REPATRIATION FLIGHTS EACH DAY.
BY
THE
SAID SPOKESMAN
DISCUSSIONS
WERE
WITH CONTINUING
THE
1,400 ECVIIS IN
CHINESE AUTHORITIES ON THE RETURN OF THE REMAINING HONG KONG.
0
GDP FOR SECOND QUARTER
REAL LAST YEAR, THE CENSUS AND
HONG KONG'S GROSS DOMESTIC PRODUCT (GDP) GREW BY 5.1% IN
QUARTER SAME OVER THE QUARTER TERMS IN THE SECOND ACCORDING ΤΟ THE PRELIMINARY ESTIMATES RELEASED BY STATISTICS DEPARTMENT TODAY (MONDAY).
AMONG
THE MAIN
GDP THE COMPONENTS
GREW EXPENDITURE CONSUMPTION
BY 9.1% IN REAL TERMS QUARTER OF 1993 OVER THE SAME QUARTER IN 1992.
OF
ESTIMATES,
PRIVATE
IN THE SECOND
/UNDERLYING THIS