Hong Kong Monetary Authority

NEW RELEASE

The Hong Kong Monetary Authority (HKMA) opens its Representative Office in London today (Tuesday 28 September).

This is the second overseas representative office of the HKMA. The HKMA opened its first overseas representative office in New York in October 1996.

The London Representative Office will commence operation on 1 October 1999. It will carry out the following functions:

• monitoring European economic trends and foreign exchange and fixed income markets in the European time zone;

• liaising with the Bank of England, other European regulatory authorities and the Exchange Fund external managers;

• providing the Convertibility Undertaking to overseas offices of licensed banks in Hong Kong that have opened clearing accounts with the HKMA; and

• representing the HKMA at official functions and events in Europe, including briefings on Hong Kong's monetary and banking systems.

Chief Executive of the HKMA, Mr Joseph Yam, who officiated at the opening ceremony, said "the three HKMA offices in Hong Kong, London and New York will provide twenty-four-hour coverage of the Convertibility Undertaking. This is a clear demonstration of our commitment to the monetary rule of our linked exchange rate system."

"I am confident that our new Representative Office here will play an important role in maintaining the many ties that exist between the financial communities in London and Hong Kong, and in fostering an even closer relationship," he added.

The London Representative Office is headed by Chief Representative, Miss Josie Wong. The office is located at 6 Grafton Street, London, W1X 3LB, UK. Tel: 02074081806, fax: 02074081816.

Hong Kong Monetary Authority
28 September 1999

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