| Date | Context | Summary of development | Action
|
|---|
| 14.8.98
| PRESS
| The Government announced that it had started to take action in the securities market to thwart manipulation, with the full intention of releasing to the public the reasons and details of its actions when the market situation stabilized. [Statement by the Financial Secretary (FS)] [Transcripts of FS's press briefing]
|
|
| 5.9.98
| PRESS
| The Hong Kong Monetary Authority (HKMA) announced measures to strengthen the currency board arrangements in Hong Kong in order to strengthen the institutions and order in the market, and to reduce the chances of Hong Kong coming under further attacks and the need for intervention. These included the seven measures aiming at strengthening the linked exchange rate and a 30-point package to tighten the regulation of the stocks and futures markets and raising transparency. [Press release]
|
|
| 9/98
| FA
| The Panel held a series of meetings to discuss with the Administration on the actions taken by the Government in the currency, stock and futures markets -
|
|
| 5.10.98
| FA
| The Panel discussed the Administration's paper which summarized the progress of implementation of the recommendations of the Report on Financial Market Review (the Report) published by the Financial Services Bureau on 23.4.98. The paper also incorporated the progress of the measures proposed under the 30-point programme announced by the Government as well as the seven technical measures already put into force by HKMA. [Paper] [Minutes]
|
|
| 22.10.98
| PRESS
| The Administration set up the Exchange Fund Investment Limited (EFIL) to manage the substantial holding in the Hang Seng Index constituent stocks acquired by the Exchange Fund in the August stock market operation. [Press release]
|
|
| 2.11.98
| FA
| The Panel continued the discussion on the Report. [Minutes]
|
|
| 14.11.98
| FA
| At the meeting when the Panel met with academics and study groups on the mechanism for defending the linked exchange rate system, some academics gave views on possible ways to dispose of the shares acquired in August operations. [Minutes]
|
|
| 17.12.98
| FA
| At the meeting when the Panel discussed HKMA's response to views of market practitioners and academics on the mechanism for defending the linked exchange rate system, some members raised concern about the disposal of the shares acquired in August operations. [Minutes]
|
|
| 5.7.99
| FA
| The Panel discussed with the Administration on EFIL's plan to dispose of the shares acquired by the Government during the market operations in August 1998 in the form of a unit trust product. [Paper] [Minutes]
|
|
| 7.10.99
| FA
| The Panel noted that there would have been new developments on the implementation of EFIL's proposal to dispose of the securities acquired during the August 1998 operations, and invited the Administration to provide information paper to update members on the progress of the subject.
The Administration subsequently provided the Panel with an information note to update members on EFIL's proposal to launch the disposal programme for the shares acquired by the Government in the form of a unit trust; the "Tracker Fund of Hong Kong" (TraHK). [Paper]
|
|
| 8.12.99
| CQ
| Hon Emily LAU raised a question on matters relating to the first issue of units of TraHK. [Hansard "page 84"]
|
|
| 1.6.05
| CM
| A motion moved by Hon SIN Chung-kai and amended by Hon CHAN Kam-lam on investment income of the Exchange Fund was passed. [Hansard "Page 188"] [Speech by FS] (Chinese version only)
The Administration provided in August 2005 the progress report on its views on the motion and the progress of the follow-up actions taken. [Progress Report]
|
|
| 6.6.05
| FA
| FS discussed with the Panel on the use of the accumulated surplus of the Exchange Fund during his regular briefing of the Panel on Hong Kong's latest overall economic situation. [Letter from Clerk to Panel] [Reply from FS] [Background Brief]
At the meeting, members urged the Administration to review the existing methodology for sharing the Exchange Fund's investment income and allocate more investment income to the Government. FS assured members that the Administration would constantly review the arrangements of sharing the Exchange Fund's investment income with due regard to the needs of maintaining the resources of the Exchange Fund for safeguarding the stability of the Hong Kong dollar and ensuring a reasonable and stable investment return for the fiscal reserves. The Administration would continue to maintain the fiscal discipline in managing public finance as enshrined in Article 107 of the Basic Law by keeping expenditure within limits of revenues and ensuring the effective use of the public financial resources.
|
|
| 4.5.06
| FA
| When the Panel was briefed on the work of HKMA and its 2005 Annual Report, members expressed concern about the investment performance of the Exchange Fund. At a member's request, HKMA provided supplementary information on other investment funds which were broadly comparable to the Exchange Fund. [Follow-up Paper]
|
|
| 22.11.06
| CQ
| Hon SIN Chung-kai raised a question on investment income from the Exchange Fund. [Hansard "page 41"]
|
|
| 18.12.06 | FA
| Updated background brief on the use of the accumulated surplus of the exchange fund prepared by the Secretariat [Background brief]
Exchange Fund Abridged Balance Sheet (as at 31 October 2006) published by the Hong Kong Monetary Authority [Paper]
|
|
| 20.12.06
| CM
| A motion moved by Hon Howard YOUNG and amended by Hon CHAN Kam-lam on increasing the Government's share in the investment income of the exchange fund was passed. [Hansard "page 111"]
The Administration provided in March 2007 the progress report on its views on the motion and the progress of the follow-up actions taken. [Progress report]
|
|
| 27.1.10
| CQ
| Hon Mrs Regina IP LAU Suk-yee raised a question on management of the Exchange Fund. [Hansard "page 6"]
|
|
| 28.4.10
| CQ
| Hon Mrs Regina IP LAU Suk-yee raised a question on management of the Exchange Fund.
[Hansard "page 62"]
|
|
