XN000022-1992-11-04 — Page 4

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WEDNESDAY, NOVEMBER 4, 1992

то

TIME

HONG

SHE SAID THE GOVERNMENT INTENDED TO PUBLISH FROM TIME SUCH LABORATORIES WHICH WOULD INCLUDE THOSE ACCREDITED UNDER THE KONG LABORATORIES ACCREDITATION SCHEME.

MOVING

AMENDMENTS

AT

THE THE COMMITTEE STAGE OF

BILL, SECRETARY SAID IT REMAINED THE GOVERNMENT'S POLICY INTENTION THAT PRIMARY APPLICATION OF THE BILL WOULD BE TO TOYS FOR CHILDREN WHO 14 YEARS OF AGE OR BELOW.

THE

THE ARE

"THIS IS WITHIN THE UPPER AGE LIMIT SPECIFIED IN ANY ONE SET OF USEFUL GUIDELINE THE PRESCRIBED SAFETY STANDARDS AND WILL PROVIDE A FOR THE ENFORCEMENT AGENCY AND TOYS SUPPLIERS WHEN DETERMINING WHETHER A TOY FALLS WITHIN THE SCOPE OF THE BILL, SHE SAID.

0

—

EXCHANGE FUND (AMENDMENT) BILL

A BILL TO PROVIDE FOR THE ESTABLISHMENT OF THE HONG KONG MONETARÝ AUTHORITY (HKMA) AND FOR THIS PURPOSE EXTENDS THE FUNCTIONS OF THE EXCHANGE FUND BY INTRODUCING A SECONDARY ROLE OF MAINTAINING THE STABILITY AND INTEGRITY OF THE MONETARY AND FINANCIAL SYSTEMS INTRODUCED INTO THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

MOVING

WAS

BILL

THE SECOND.READING OF EXCHANGE FUND { AMENDMENT) 1992, THE SECRETARY FOR MONETARY AFFAIRS, MR DAVID NENDICK, SAID UNDER THE PROPOSALS

HKMA WOULD REMAIN AN

PART INTEGRAL

OF

THE

THE

GOVERNMENT.

OF

TO

BUT MR NENDICK ASSURED THAT IT WOULD BE GIVEN A HIGH DEGREE DAY

TO DEPLOY ΤΟ DAY AUTONOMY, INCLUDING THE NECESSARY FLEXIBILITY STAFF RESOURCES IN RESPONSE TO PRIORITIES AND

ENABLE IT TO

AND IMPLEMENT

ACHIEVE EFFICIENTLY MONETARY POLICY OBJECTIVES DETERMINED BY THE GOVERNMENT.

"THE ESTABLISHMENT OF A FULLY INDEPENDENT MONETARY AUTHORITY IN HONG KONG SEPARATE FROM THE GOVERNMENT

BE I BELIEVE, WOULD, INCONSISTENT WITH THE JOINT DECLARATION AND THE BASIC LAW,

||

HE SAID.

THE

THE RELEVANT PROVISIONS IN THESE DOCUMENTS STIPULATE THAT EXCHANGE FUND SHALL BE MANAGED AND CONTROLLED BY THE GOVERNMENT OF THE THE EXCHANGE SPECIAL ADMINISTRATIVE REGION PRIMARILY FOR REGULATING VALUE OF THE HONG KONG DOLLAR.

WOULD FUND,

AN INDEPENDENT MONETARY AUTHORITY SEPARATE FROM THE THUS NOT HAVE AVAILABLE TO IT THE RESOURCES HE SAID.

GOVERNMENT

OF THE EXCHANGE

THE SECRETARY SAID AS THE GOVERNOR EXPLAINED IN HIS ADDRESS THE LEGCO ON OCTOBER 7, THE ESTABLISHMENT OF THE AUTHORITY WOULD ENSURE THAT HONG KONG'S MONETARY POLICY WAS CONDUCTED WITH CONTINUITY AND PROFESSIONALISM NECESSARY TO COMMAND THE CONFIDENCE THE PEOPLE OF HONG KONG AND THE INTERNATIONAL FINANCIAL COMMUNITY.

ΤΟ

HELF

THE

OF

/TO EFFECT