BankHeadOffice.com         Bank Head Office Worldwide   ♦ Loan Calculators ♦ Mortgage Guides ♦ Banking FAQs ♦ Banking Institutions ♦ Central Banks Worldwide       Home  »  Central Banks Worldwide  »  Hong Kong Monetary Authority Hong Kong Monetary Authority The Hong Kong Monetary Authority (HKMA) (Chinese: 香港金融管理局) was established on 1 April 1993 by merging the Office of the Exchange Fund with the Office of the Commissioner of Banking. Its main functions and responsibilities are governed by the Exchange Fund Ordinance and the Banking Ordinance and it reports to the Financial Secretary. The HKMA is the government authority in Hong Kong responsible for maintaining monetary and banking stability.   The primary monetary policy objective of the Hong Kong Monetary Authority (HKMA) is to maintain exchange rate stability within the framework of the Linked Exchange Rate System through sound management of the Exchange Fund, monetary operations and other means deemed necessary. The important underpinnings of the Linked Exchange Rate System include the strong official reserves of Hong Kong, a sound and robust banking system, fiscal prudence and a flexible economic structure. The important functions are as follows:    maintaining currency stability within the framework of the Linked Exchange Rate system;    promoting the stability and integrity of the financial system, including the banking system;    managing the Exchange Fund;    helping to maintain Hong Kong’s status as an international financial centre, including the maintenance and development of Hong Kong’s financial infrastructure. The Government, through the HKMA, has given authorization to three commercial banks, The Hongkong and Shanghai Banking Corporation Limited, the Standard Chartered Bank (Hong Kong) Limited, and the Bank of China (Hong Kong) Limited, to issue bank notes in Hong Kong. Authorization is accompanied by a set of terms and conditions agreed between the Government and the three note-issuing banks (NIBs).   Hong Kong Monetary Authority HQ Address: 55th Floor Two International Finance Centre 8 Finance Street Central Hong Kong Telephone: +852 2878 8196 Facsimile: +852 2878 8197 Website: www.hkma.gov.hk Swift Code: HKMAHKHC Currency: Hong Kong dollar Banking Hours: Monday - Thursday : 10.00am - 4.00pm                Friday     : 10.00am - 4.30pm   The HKMA is responsible for achieving the monetary policy objective in Hong Kong determined by the Financial Secretary, including determining the strategy, instrument and operational means for doing so, and for maintaining the stability and integrity of the monetary system of Hong Kong. The monetary policy objective of Hong Kong is currency stability, defined as a stable external exchange value of the currency of Hong Kong, in terms of its exchange rate in the foreign exchange market against the US dollar, at around HK$7.80 to US$1.   DISCLAIMER The content comes from Internet, reasonable efforts are made to maintain accuracy of information published. However, information could contain errors or inaccuracies and is presented without warranty and statutory means. No liability is assumed for errors or omissions. Viewers are advised to consult their banker or financial consultant for complete information and their professional advise. All trademarks, logos, brand names and copyrights are the property of their respective owners. © 2011 - 2022 BankHeadOffice.com ® All Rights Reserved