"Hong Kong has signed with eight central banks and monetary authorities in the region and the matrix of bilateral repos among these authorities is rapidly being filled up," he said.
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"These agreements send an important signal to the market we mean business in maintaining exchange rate stability," he added.
In formulating a policy response to effective intermediation of savings and investments at the regional level, Mr Tsang said: "Hong Kong has put forward the concept of AsiaClear, a network to link domestic Central Securities Depositories in the region to facilitate cross-border investment in securities in the Asian time zone."
Projecting to the future, Mr. Tsang stressed that the Asian Monetary Network was more than a zero-sum game.
He said all participants were equal partners and that consensus among countries was the key to the way forward.
End
HK to grow as a regional broadcasting hub after handover
Welcoming the decision by MGM Gold to set up the regional headquarters for its new movie channel in Hong Kong, the Secretary for Broadcasting, Culture and Sport, Mr Chau Tak-hay, expressed confidence that Hong Kong would continue to grow as a regional broadcasting hub after the handover.
Hong Kong had a first class infrastructure and facilities to broadcast throughout the Asia-Pacific region, he said, as well as some of the best talent in broadcasting and post-production in Asia. In addition, the Copyright Ordinance would soon be amended to protect all broadcast material, no matter where it originates.
Many broadcasters were also attracted by Hong Kong's proximity to China, said Mr Chau at the opening ceremony of Cable and Satellite Asia '96 conference today (Wednesday).
"Growing affluence and unsatisfied demand for television choice make China a mouthwatering market. Estimates suggest that there are already 40 million pay TV subscribers, with the number set to climb to over 200 million by the turn of the century.