What Is The Hong Kong Monetary Authority?
As the central banking institution, the Hong Kong Monetary Authority is responsible for maintaining the city’s monetary and banking stability.
The Hong Kong Monetary Authority (HKMA) was established on 1 April 1993, as a merger of the city’s Office of the Commissioner of Banking, and Office of the Exchange Fund. Governed by the Exchange Fund Ordinance, and the Banking Ordinance, the HKMA functions as Hong Kong’s currency board, and as its de-facto central bank – making it responsible for the stability of the city’s banking system and monetary policy, and the issuance of currency (Hong Kong dollars). The HKMA’ s current chief executive is Norman Chan – at an organizational level, the HKMA is overseen by Hong Kong’s Financial Secretary, currently Paul Chance Mo-po.