3
7.
The continued
development of Hong Kong as a
financial centre has also contributed to the rapid expansion
of the services sectors. There are now around [500] banks
(including representative offices) and deposit-taking companies in Hong Kong from [44] countries. of the world's top 100 banks, [
] have established a presence in Hong
Kong, [
of which operate with a full banking licence. The foreign exchange market in Hong Kong recorded an average daily turnover of US$61 billion in early 1992, ranking sixth in the world according to a global foreign exchange market
survey conducted in 1992. Many market participants put Hong
Kong's gold market as the third largest in the world. local stock market, with a capitalization of [HK$
billion at the end of
Activity in
the local
The
]
1992, ranked [second] in Asia.
capital markets also picked
picked up with the launch of the Exchange Fund Bills
Programme in March 1990 and the Government Bond Programme in
November 1991.
significantly,
8.
In order to ensure that Hong Kong's monetary policy
is conducted with the continuity and professionalism
necessary to command the confidence of the people of Hong
Kong and the international financial community, the
Government has decided to establish a Hong Kong Monetary
Authority. [The Exchange Fund (Amendment) Bill 1992 was
introduced into the Legislative Council on 4 November 1992 to
provide for the establishment of the Monetary Authority 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.]
WP-IX-ES
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