ENG-1983 — Page 91

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Money Matters

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Hong Kong is the financial capital of Asia and third only to London and New York! in world-wide financial terms. It owes its position to freedom from exchange con- trols, excellent banking and financial services, first-class communications and geographical location together with traditional business acumen and dynam- ism. Finance has played a vital role in the territory's economic development and its emergence from entrepôt to manufactur- ing centre over the years. Today, the banks assist business, trade and industrial ven- tures, and provide the community and international customers with a wide range of services. Licensed banks and registered deposit-taking companies range from the smallest organisations to giant banking consortia. Coins are issued by the govern- ment and currency notes by two commer- cial banks. Presently there are four stock exchanges, but ultimately trading will be consolidated into a single unified exchange equipped with the most modern com- puterised aids for share dealing. The in- ternational time zone, which puts Hong

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ong ahead of most of the world, is advan- tageous to Hong Kong's well developed foreign exchange market, as well as the other two markets: the Chinese Gold and Silver Exchange and the Hong Kong Com- modity Exchange. The latter currently operates four futures markets; a financial futures exchange is being considered for 1984.

Previous page: The Hongkong and Shang- hai Banking Corporation's spectacular new headquarters rises in Central District. Left: Active trading during the year - in sugar futures on the Hong Kong Commodity Ex- change; in gold on the Chinese Gold and Silver Exchange; and in stocks and shares on the Hong Kong Stock Exchange.