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Author Archives: hksar gov

Hong Kong’s latest foreign currency reserve assets figures released

The following is issued on behalf of the Hong Kong Monetary Authority:
 
     The Hong Kong Monetary Authority (HKMA) announced today (June 6) that the official foreign currency reserve assets of Hong Kong amounted to US$437.8 billion as at the end of May 2019 (end-April 2019: US$436.4 billion) (Annex).
 
     Including unsettled foreign exchange contracts, the foreign currency reserve assets of Hong Kong at the end of May 2019 amounted to US$430.6 billion (end-April 2019: US$429.2 billion).
 
     The total foreign currency reserve assets of US$437.8 billion represent about seven times the currency in circulation or 45 per cent of Hong Kong dollar M3.

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     At present, four press releases relating to the Exchange Fund’s data are issued by the HKMA each month.  Three of these releases are issued to disseminate monetary data in accordance with the International Monetary Fund’s Special Data Dissemination Standard (SDDS).  The fourth press release, on the Exchange Fund’s Abridged Balance Sheet and Currency Board Account, is made in accordance with the HKMA’s policy of maintaining a high level of transparency.  For the month of June 2019, the scheduled dates for issuing the press releases are as follows:
 

June 6 SDDS International Reserves
(Hong Kong’s Latest Foreign Currency Reserve Assets Figures)
 
June 14
 
SDDS Analytical Accounts of the Central Bank (Analytical Accounts of the Exchange Fund)
 
June 28 SDDS Template on International Reserves and Foreign Currency Liquidity
 
June 28 Exchange Fund Abridged Balance Sheet and Currency Board Account
 
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Thirteen immigration offenders arrested

     The Immigration Department (ImmD) mounted a territory-wide anti-illegal worker operation codenamed “Twilight” from June 3 to 4. A total of nine illegal workers and four suspected employers were arrested.
      
     During the operation, ImmD Task Force officers raided 30 target locations including food stalls, garbage collection points, an industrial building, massage parlours, offices, a residential building, restaurants and warehouses. Nine illegal workers and four employers were arrested. The illegal workers comprised five men and four women, aged 30 to 55. Among them, a man and a woman were suspected of using and being in possession of a forged Hong Kong identity card or a Hong Kong identity card related to another person. Meanwhile, four men, aged 33 to 68, were suspected of employing the illegal workers.
      
     “Any person who contravenes a condition of stay in force in respect of him shall be guilty of an offence. Also, visitors are not allowed to take employment in Hong Kong, whether paid or unpaid, without the permission of the Director of Immigration. Offenders are liable to prosecution and upon conviction face a maximum fine of $50,000 and up to two years’ imprisonment. Aiders and abettors are also liable to prosecution and penalties,” an ImmD spokesman said.
 
     The spokesman warned that, as stipulated in section 38AA of the Immigration Ordinance, illegal immigrants or people who are the subject of a removal order or a deportation order are prohibited from taking any employment, whether paid or unpaid, or establishing or joining in any business. Offenders are liable upon conviction to a maximum fine of $50,000 and up to three years’ imprisonment. The Court of Appeal has issued a guideline ruling that a sentence of 15 months’ imprisonment should be applied in such cases. It is an offence to use or possess a forged Hong Kong identity card or a Hong Kong identity card related to another person. Offenders are liable to prosecution and a maximum penalty of a $100,000 fine and up to 10 years’ imprisonment.
     
     The spokesman reiterated that it is a serious offence to employ people who are not lawfully employable. The maximum penalty is imprisonment for three years and a fine of $350,000. The High Court has laid down sentencing guidelines that the employer of an illegal worker should be given an immediate custodial sentence. According to the court sentencing, employers must take all practicable steps to determine whether a person is lawfully employable prior to employment. Apart from inspecting a prospective employee’s identity card, the employer has the explicit duty to make enquiries regarding the person and ensure that the answers would not cast any reasonable doubt concerning the lawful employability of the person. The court will not accept failure to do so as a defence in proceedings. It is also an offence if an employer fails to inspect the job seeker’s valid travel document if the job seeker does not have a Hong Kong permanent identity card. The maximum penalty for failing to inspect such a document is imprisonment for one year and a fine of $150,000.
 
     Under the existing mechanism, the ImmD will, as a standard procedure, conduct initial screening of vulnerable persons, including illegal workers, illegal immigrants, sex workers and foreign domestic helpers, who are arrested during any operation with a view to ascertaining whether they are trafficking in persons (TIP) victims. When any TIP indicator is revealed in the initial screening, the officers will conduct a full debriefing and identification by using a standardised checklist to ascertain the presence of TIP elements, such as threat and coercion in the recruitment phase and the nature of exploitation. Identified TIP victims will be provided with various forms of support and assistance, including urgent interference, medical services, counselling, shelter, temporary accommodation and other supporting services. The ImmD calls on TIP victims to report crimes to the relevant departments. read more