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Hong Kong BDTCs living, working or studying abroad, are also required to observe the cut-off dates if they want to apply for a BN(O) passport. However, they are not required to return to Hong Kong for their applications. They should submit their applications to the nearest British passport issuing office either by post or in

person.

The required overseas application forms can be obtained at those offices or the Hong Kong Immigration Department.

For more information, members of the public may telephone 2824 1177 (English) or 2824 1717 (Chinese).

End/Thursday, May 25, 1995

History of the Exchange Fund in Quarterly Bulletin

The May Issue of the Quarterly Bulletin, published today (Thursday) by the Hong Kong Monetary Authority (HKMA), carries an authoritative account of the role, functions and operations of the Exchange Fund covering the 60 years from its inception in 1935.

The publication of the article reflects the HKMA's commitment to greater transparency and accountability.

Entitled "A Brief History of the Exchange Fund", the article was prepared by the Executive Director of the Reserves Management Department of the HKMA, Mr John Nugée.

The author traces the history of the Exchange Fund from its origin as a reserve backing Hong Kong's bank note issue in an arrangement akin to a currency board system.

Even in the early days, the primary role of the Exchange Fund was to regulate the value of Hong Kong's currency. The Exchange Fund has retained these functions and features to this day.

During the past six decades, the article shows that HK dollar was for the most part either pegged to Sterling or linked to the US dollar, except for the period between November 1974 and October 1983 when Hong Kong had a floating exchange rate regime.