Hong Kong Monetary Authority
Established in 1993, the Hong Kong Monetary Authority was the result of the merger between the Office of the Exchange Fund and the Office of the Commissioner of Banking. It functions to control inflation and sustain the stability of the Hong Kong dollar (HKD) through its monetary policy. The HKMA pegs the HKD to the USD to help the nation's functional currency maintain a stable value.
- Its main functions and responsibilities are governed by the Exchange Fund Ordinance and the Banking Ordinance and it reports to the Financial Secretary.
- Its main functions are:
- 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
- helping to maintain Hong Kong's status as an international financial center
- managing the Exchange Fund
- The HKMA maintains a sovereign wealth fund called the Hong Kong Monetary Authority Investment Portfolio.
- The HKMA is a member of East Asia and Pacific Central Banks along with the Reserve bank of Australia, the People's bank of China, the bank of Japan, and seven other Central Banks.