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First HKMA overseas office open today in New York
The Hong Kong Monetary Authority (HKMA) opens its first overseas office today (Thursday, New York time). The opening ceremony was officiated by the Financial Secretary, Mr Donald Tsang.
The representative office in New York will enable HKMA to develop relationship with the international financial community on a global scale round the clock.
The New York office will carry out three main functions:
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monitor the foreign exchange and US fixed income markets in the New York time zone;
liaise with the Federal Reserve Bank of New York, other US regulatory authorities and the Exchange Fund's external managers; and
monitor US economic trends and to represent HKMA at official functions and events in the US, including briefings on Hong Kong's monetary and banking systems.
At the opening ceremony, the Chief Executive of HKMA, Mr Joseph Yam said: "This office will enable us to ensure that our fingers are kept on the pulse of the market to facilitate the professional performance of our function as a full-fledged monetary authority.
"It will also enable us to manage our substantial reserves prudently and profitably and enable those with an interest in the monetary and financial scene of Hong Kong to keep closely in touch with us."
Speaking at the ceremony, Mr Tsang said HKMA had already established close ties with other central banking institutions over the years.
"We are taking active steps to strengthen our linkages with other financial centres," he said.
"The bilateral repo agreements signed by five central banks in Hong Kong in November 1995, followed by similar agreements signed between other central banks in the region, were a historic landmark in Asian monetary co-operation.
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