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HKMA to act as Bank of Japan's intervention agent

It has been agreed between the Hong Kong Monetary Authority (HKMA) and the Bank of Japan (BoJ) for HKMA to intervene in the local foreign exchange market on behalf of the Japanese authorities to enhance the stability of Yen against US dollar.

BoJ has entered into similar arrangements with the Monetary Authority of Singapore while the arrangement with the Reserve Bank of Australia already exists.

Hong Kong, as a leading international financial centre, has a daily foreign exchange turnover of more than US$91 billion. This places Hong Kong in the fifth position among the world's largest foreign exchange trading centres.

A spokesman for HKMA said: "The HKMA is pleased to assist BoJ as its intervention agent in the Hong Kong forex market. This is another example of practical co-operation between central banks in the region."

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Condolences offer to family of hill fire victim

In learning the death of Yu Hiu-woon who was injured in the Pat Sin Range hill fire, the acting Secretary for Education and Manpower, Miss Jacqueline Willis, and the Director of Education, Mrs Helen C P Lai Yu, expressed their condolences this evening (Tuesday) to her family.

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New office to promote sheltered workshop productivity

The Social Welfare Department (SWD) will soon set up a new marketing consultancy office to enhance employment opportunities for the disabled.

A $6 million grant has been approved by the Subventions and Lotteries Fund Advisory Committee for the establishment of the office, which will be operational on an experimental basis.