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They then took the opportunity to enjoy a Chinese opera performance in Cha Kwo Ling where celebrations for the Tin Hau Festival were going on.

The couple also visited the Multi-service Centre for the Elderly run by the Christian Family Service Centre in Shun On Estate where they were briefed on the comprehensive services the centre provides for the aged in the district.

Before concluding their visit, Mr and Mrs Patten met district board members and community leaders during a tea reception held at the Sai Tso Wan Neighbourhood Community Centre.

Accompanying them were the acting Director of Home Affairs, Mr Lui Hau- tuen, and the Kwun Tong District Officer, Mr Tsang Hing-kay.

End

HKMA 1996 annual report published

The 1996 Annual Report of the Hong Kong Monetary Authority (HKMA) is published and tabled in the Legislative Council today (Wednesday).

The theme of this year's annual report is "Achievements and Challenges". The report reviews the achievements of the HKMA since its establishment in 1993 in four main areas of work, namely, the maintenance of monetary stability, the promotion of banking stability, the building of the financial market infrastructure and the development of Hong Kong as an international financial centre. The report also sets out the challenges for the HKMA in the years ahead.

The Hong Kong dollar continued to show remarkable stability during 1996, remaining on the strong side of the linked rate of 7.80 to US$1. The Exchange Fund, which is a major component in the defence of the Hong Kong dollar, has continued to pose healthy growth.

Major achievements have also been made in the development of the financial market infrastructure. These include the successful launching of the Real Time Gross Settlement system in late 1996.

On the international front, Hong Kong joined the Bank for International Settlements and the International Monetary Fund's New Arrangements to Borrow. Major efforts were also undertaken in 1996 to explain to the international financial community Hong Kong's monetary arrangements through 1997.

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