XN000022-1993-10-18 — Page 3

2

MONDAY, OCTOBER 18, 1993

THE

FIBV

THE FINANCIAL SECRETARY SAID HE WAS HAPPY TO LEARN THAT, AS A RECOGNITION OF ITS STATUS IN THE INTERNATIONAL FINANCIAL CIRCLE, EXCHANGE HAD BEEN INVITED TO JOIN THE EXECUTIVE COMMITTEE OF THE (FEDERATION INTERNATIONALE DES BOURSES DE VALEURS) WITH JANUARY NEXT YEAR.

EFFECT

FROM

"

"I AM SURE THIS WILL HELP HONG KONG INTERNATIONALLY,' HE ADDED.

TO

RAISE

ITS PROFILE

MR MACLEOD BELIEVED THAT THE DRAMATIC REFORM TO AFTER THE 1987 CRASH HAD PLAYED A VERY IMPORTANT ROLE IN MARKET A SUCCESS.

ENVIRONMENT

THAT

HOLDS

THE

THE EXCHANGE MAKING OUR

FAIR CONFIDENCE OF

"THESE CHANGES HAVE HELPED SHAPE AN EFFICIENT, EFFECTIVE, OPEN INVESTMENT INVESTORS, HE SAID.

AND

P

ITS PART IN

"I HOPE THE BROKERAGE COMMUNITY WOULD ALSO DO OFFERING A COMPETITIVE COMMISSION PACKAGE FOR THE INVESTORS,

П

HE SAID.

MONETARY STABILITY

+

PRE-REQUISITE FOR HK'S PROSPERITY

IT IS THE GOVERNMENT'S MONETARY OBJECTIVE TO ENSURE A STABLE EXCHANGE RATE AND SOLID PUBLIC CONFIDENCE IN THE CURRENCY, THE FINANCIAL SECRETARY, MR HAMISH MACLEOD, SAID TODAY (MONDAY).

"ANOTHER OBJECTIVE IS TO ENSURE THE STABILITY AND INTEGRITY OF OUR MONETARY SYSTEM THROUGH IMPROVEMENTS TO THE REGULATORY FRAMEWORK, HE SAID.

MR MACLEOD MADE SUCH REMARKS WHEN OPENING OF A SEMINAR

MANAGEMENT ORGANISED BY THE HONG KONG

MONETARY AUTHORITY.

ON

MONETARY

HE NOTED THAT SO FAR WE HAD BEEN ABLE TO MEET THESE OBJECTIVES.

HE ALSO SAID THE LINKED EXCHANGE RATE SYSTEM, ADOPTED BY HONG KONG SINCE OCTOBER 17, 1983, HAD SERVED HONG KONG WELL AND THE GOVERNMENT REMAINED COMMITTED TO MAINTAINING THIS LINK.

ON THE ESTABLISHMENT OF THE HONG KONG MONETARY AUTHORITY, HE SAID HE WAS GLAD THAT THE AUTHORITY HAD RECEIVED WARM WELCOME FROM THE FINANCIAL COMMUNITY IN HONG KONG AND ABROAD, AND ALSO THE INTERNATIONAL BANKING FRATERNITY.

TURNING TO THE OUTLOOK OF HONG KONG'S ECONOMY, THE FINANCIAL SECRETARY SAID THE GOVERNMENT WOULD CONTINUE WITH ITS MASSIVE NEW INVESTMENT TO ADD TO THE ALREADY EXCELLENT INFRASTRUCTURE.

HE ALSO NOTED THAT HONG KONG WOULD BENEFIT FROM AN EXCELLENT COMMUNICATION NETWORK WITH THE REST OF THE WORLD, NOTING THAT THE INTRODUCTION OF MORE COMPETITION INTO THE INDUSTRY WOULD LEAD то BETTER SERVICE.

ABOVE ALL, HE SAID, THE GOVERNMENT WOULD CONTINUE WITH ITS POLICY OF MINIMUM GOVERNMENT INTERFERENCE AND MAXIMUM SUPPORT.

†"HONG KONG