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 CURRENCY BOARD SYSTEM

Linked Exchange Rate System
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 THE EXCHANGE FUND

History
	·	Establishment of the Exchange Fund
	·	Active management of fiscal reserves
	·	Merger of Land Fund reserves into the Exchange Fund

Management
	·	Functions of the Exchange Fund
	·	Day-to-day management of the Exchange Fund
	·	Investment strategy and operations
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	·	Latest statistics of the Exchange Fund and foreign reserves

Transparency
	·	Measures to increase transparency of disclosure
	·	Measures to further improve the transparency in 2000

 EXTERNAL RELATIONS

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Co-operation with other Central Banks
	·	Bilateral repurchase Agreements
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Application of The "One Country, Two Systems" Principle

 DEBT MARKET DEVELOPMENT

Exchange Fund Bills and Notes
	·	Exchange Fund Bills and Notes issuance programme
	·	Exchange Fund Bills
	·	Exchange Fund Notes
	·	Recognised Dealers, Market Makers and Eligible Market Makers
	·	Market-making system for Exchange Fund Bills and Notes
	·	Exchange Fund Bills and Notes Fixings
	·	Use of Exchange Fund paper as margin collateral

Policy Initiatives Affecting The EFBN Programme and Other HK Dollar Debt Instruments
	·	Policy initiatives affecting the issuance of Exchange Fund Bills and Notes
	·	Listing of Exchange Fund Notes on the Stock Exchange of Hong Kong
	·	Tax Exemption / concession for qualifying debt instruments
	·	Hong Kong dollar debt instruments other than Exchange Fund paper

 

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Basel II

INFRASTRUCTURE

Central Moneymarkets Unit   · Introduction   · Information available for downloading   · Bilateral linkages   · Listing of Exchange Fund Notes on the stock Exchange   · Using Exchange Fund Bills and Notes as margin collateral for trading in stock options and futures   · Disclosure framework for securities settlement systems   · Asia Pacific Central Securities Depository Group (ACG) Real Time Gross Settlements System Operation of the RTGS system   US Dollar Clearing System Foreign Exchange Settlement Risk Clearing and Settlement Systems in Hong Kong Participants of Hong Kong's Payment Systems

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