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The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) announced today (August 26) that it has completed a review of its framework for the provision of Hong Kong dollar liquidity to banks (Note). 
      
     A new Resolution Facility is introduced and a number of refinements have been made to various established arrangements within an updated Liquidity Facilities Framework.
      
     A key objective of the review, which was started in 2018 following the commencement of the Financial Institutions (Resolution) Ordinance, is to ensure that the HKMA’s Liquidity Facilities Framework can support Hong Kong’s resolution regime.
      
     “The updated Liquidity Facilities Framework makes operational an important part of the resolution regime in Hong Kong and takes forward a key recommendation of the Financial Stability Board’s 2018 Peer Review of Hong Kong. The framework outlines the facilities that are already in place, as well as the newly introduced Resolution Facility, in a systematic way so as to foster a better understanding of the different ways that liquidity may be made available to banks by the HKMA. This is part of our ongoing work to maintain the integrity and stability of the monetary and financial systems of Hong Kong,” said the Chief Executive of the HKMA, Mr Norman Chan.
      
     The Liquidity Facilities Framework can be found on the HKMA website.

Note: “Banks” refers to licensed banks, restricted licence banks and deposit-taking companies. read more

     The Education Bureau (EDB) issued a circular memorandum to all kindergartens and primary and secondary schools today (August 26), inviting them to encourage their teachers, students and parents to participate in the parent education slogan competition entitled “Calls for Slogans: Growing Up Together – Be a Good Parent” organised by the EDB. Submission of entries will be accepted from September 6 to October 18. Members of the public are also welcome to take part in the competition.
      
     A spokesman for the EDB said that as parents play a vital role in their children’s development and learning, the EDB attaches great importance to parent education and has fully accepted the recommendations in the report submitted in April this year by the Task Force on Home-school Co-operation and Parent Education set up by the Education Commission. The slogan competition is part of a suggestion in the report to launch a series of continuous, universal and extensive publicity activities to promote a positive parent culture.  
      
     The spokesman added that the competition aims to raise the awareness of parents and the public on the importance of parent education, strengthen the positive mindset among parents in nurturing their children and enhance the happiness and positive attitudes of parents, with a view to changing the culture of excessive competition so as to help their children learn effectively and grow happily.
      
     The competition is divided into four groups, namely kindergarten, primary, secondary and open. Participants of the kindergarten, primary and secondary groups can choose to enter the competition individually as a student or parent or jointly as parent and student. Participants of the open group can only enter the competition on an individual basis.
      
     Participants are invited to create a simple and catchy slogan in no more than 20 words on the theme of “Growing Up Together – Be a Good Parent” to deliver the key messages in areas like the importance of raising happy and healthy children, changing the culture of excessive competition, and nurturing a happy and positive mindset of parents in helping their children grow up happily and healthily.
      
     The panel of adjudicators will select a champion, a first runner-up, a second runner-up and five meritorious prize winners in each group. The panel will also select an overall champion from the champions of each group. Winners will be awarded a certificate and a gift voucher. Interested parties can submit their entries online through https://positiveparent.881903.com from September 6. The deadline for submission is October 18. For details of the competition, please visit the EDB’s Smart Parent Net website at www.parent.edu.hk. read more

     Regarding the decision of Ticktack Technology Limited, the supplier of Bluetooth beacons installed in the smart lampposts, to cease supplying and installing smart devices for smart lampposts in future upon completion of its work on the existing 50 lampposts because of threats to the personal safety of family members of directors and employees, a spokesman for the Innovation and Technology Bureau expressed sympathy and understanding and said the bureau respected the company’s decision.

     “We find it not acceptable and deeply regret that a local small enterprise has been doxxed and attacked because of its participation in the smart lampposts project. The incident is a serious blow to the hard work of the local innovation and technology industry,” the spokesman said. read more

     The Census and Statistics Department (C&SD) released today (August 26) the external merchandise trade statistics for July 2019. In July 2019, the values of Hong Kong’s total exports and imports of goods both recorded year-on-year decreases, at 5.7% and 8.7% respectively.
 
     In July 2019, the value of total exports of goods decreased by 5.7% over a year earlier to $338.6 billion, after a year-on-year decrease of 9.0% in June 2019. Concurrently, the value of imports of goods decreased by 8.7% over a year earlier to $370.8 billion in July 2019, after a year-on-year decrease of 7.5% in June 2019. A visible trade deficit of $32.2 billion, equivalent to 8.7% of the value of imports of goods, was recorded in July 2019.
 
     For the first seven months of 2019 as a whole, the value of total exports of goods dropped by 3.9% over the same period in 2018. Concurrently, the value of imports of goods decreased by 5.1%. A visible trade deficit of $276.8 billion, equivalent to 11.0% of the value of imports of goods, was recorded in the first seven months of 2019.
 
     Comparing the three-month period ending July 2019 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 0.8%. Meanwhile, the value of imports of goods decreased by 1.3%.
 
Analysis by country/territory
 
     Comparing July 2019 with July 2018, total exports to Asia as a whole went down by 5.5%. In this region, decreases were registered in the values of total exports to some major destinations, in particular Malaysia (-14.7%), Vietnam (-8.6%), the mainland of China (the Mainland) (-7.1%), Thailand (-7.0%) and India (-5.6%). On the other hand, increases were recorded in the values of total exports to the Philippines (+26.0%) and Taiwan (+21.1%).
 
     Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular Germany (-13.0%) and the USA (-10.3%). Concurrently, an increase was registered in the value of total exports to the United Kingdom (+4.1%).
 
     Over the same period of comparison, decreases were registered in the values of imports from most major suppliers, in particular Malaysia (-30.9%), Korea (-29.3%), Singapore (-20.7%), Switzerland (-11.7%), India (-11.6%) and the USA (-10.7%). The value of imports from the Mainland also decreased by 4.0%.
 
     For the first seven months of 2019 as a whole, year-on-year decreases were registered in the values of total exports to some major destinations, in particular India (-15.1%), the USA (-10.9%), Germany (-7.6%), the Mainland (-6.1%) and Taiwan (-4.6%). However, year-on-year increases were registered in the values of total exports to Singapore (+9.8%) and Korea (+4.4%).
 
     Over the same period of comparison, year-on-year decreases were registered in the values of imports from most major suppliers, in particular Korea (-26.2%), India (-16.7%), Malaysia (-12.7%), Taiwan (-9.9%) and Thailand (-8.5%). The value of imports from the Mainland also decreased by 2.5%. 
 
Analysis by major commodity
 
     Comparing July 2019 with July 2018, decreases were registered in the values of total exports of most principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $9.7 billion or -6.9%), “office machines and automatic data processing machines” (by $3.3 billion or -8.7%) and “telecommunications and sound recording and reproducing apparatus and equipment” (by $2.8 billion or -4.5%). However, an increase was registered in the value of total exports of “power generating machinery and equipment” (by $3.1 billion or 50.5%).
 
     Over the same period of comparison, decreases were registered in the values of imports of most principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $15.0 billion or -9.6%), “office machines and automatic data processing machines” (by $5.2 billion or -14.2%) and “non-metallic mineral manufactures” (by $3.5 billion or -20.5%). However, an increase was registered in the value of imports of “power generating machinery and equipment” (by $0.4 billion or 5.4%).
 
     For the first seven months of 2019 as a whole, year-on-year decreases were registered in the values of total exports of some principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $37.1 billion or -4.2%), “office machines and automatic data processing machines” (by $33.3 billion or -13.0%) and “non-metallic mineral manufactures” (by $6.4 billion or -6.4%). However, a year-on-year increase was registered in the value of total exports of “power generating machinery and equipment” (by $8.8 billion or 27.5%).
 
     Over the same period of comparison, year-on-year decreases were registered in the values of imports of most principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $73.2 billion or -7.3%), “office machines and automatic data processing machines” (by $28.7 billion or -12.3%) and “telecommunications and sound recording and reproducing apparatus and equipment” (by $10.3 billion or -2.7%). However, a year-on-year increase was registered in the value of imports of “power generating machinery and equipment” (by $8.0 billion or 18.7%).
 
Commentary
 
     A Government spokesman said that the value of merchandise exports fell further by 5.7% year-on-year in July, affected by softening global economic growth and US-Mainland trade tensions. These unfavourable external developments also continued to pose a drag on manufacturing and trading activities in many Asian economies. Against this background, merchandise exports to many major markets registered declines of varying degrees in July.
 
     Looking forward, in the face of the difficult external environment and the further escalation of US-Mainland trade tensions in September, Hong Kong’s near-term export performance should remain sluggish or may even weaken further. The Government will continue to monitor the situation closely.
 
Further information
 
     Table 1 at the annex presents the analysis of external merchandise trade statistics for July 2019. Table 2 presents the original monthly trade statistics from January 2016 to July 2019, and Table 3 gives the seasonally adjusted series for the same period.
 
     The values of total exports of goods to 10 main destinations for July 2019 are shown in Table 4, whereas the values of imports of goods from 10 main suppliers are given in Table 5.
 
     Tables 6 and 7 show the values of total exports and imports of 10 principal commodity divisions for July 2019.
 
     All the merchandise trade statistics described here are measured at current prices and no account has been taken of changes in prices between the periods of comparison. A separate analysis of the volume and price movements of external merchandise trade for July 2019 will be released in mid-September 2019.
 
     The July 2019 issue of “Hong Kong External Merchandise Trade” contains detailed analysis on the performance of Hong Kong’s external merchandise trade in July 2019 and will be available in mid-September 2019. Users can download the publication free of charge at the website of the C&SD (www.censtatd.gov.hk/hkstat/sub/sp230.jsp).
 
     Enquiries on merchandise trade statistics may be directed to the Trade Analysis Section (2) of the C&SD (Tel: 2582 5042).
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     The Centre for Health Protection of the Department of Health today (August 26) reported that the suspected case of Middle East Respiratory Syndrome (MERS) pending results yesterday (August 25), upon preliminary testing, tested negat… read more