The effective exchange rate index for the Hong Kong dollar on Tuesday, January 15, 2019 is 103.4 (down 0.1 against yesterday's index).

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

Hong Kong Monetary Authority Exchange Fund Bills Tender Results
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     Hong Kong Monetary Authority tenders to be held in the week beginning January 21, 2019 :
 

     Special traffic arrangements will be implemented in Happy Valley tomorrow (January 16). The arrangements will come into effect one and a half hours before the start of the first race and will last until the crowds have dispersed after the race meeting.

A. Traffic arrangements before the commencement of the first race

1. Road closure
     
     Southbound Wong Nai Chung Road between Queen's Road East and the up-ramp outside Hong Kong Jockey Club (HKJC) will be closed except for vehicles heading for Aberdeen Tunnel.

2. Traffic diversions

– Southbound Wong Nai Chung Road between Village Road and the up-ramp outside HKJC will be re-routed one way northbound;
– Vehicles from eastbound Queen's Road East heading for Wan Chai and Happy Valley will be diverted to turn left to Morrison Hill Road;
– Traffic along southbound Morrison Hill Road heading for Happy Valley will be diverted via Sports Road and Wong Nai Chung Road;
– Traffic along Queen's Road East cannot turn right to Wong Nai Chung Road except for vehicles heading to Aberdeen Tunnel;
– Traffic from Cross Harbour Tunnel heading for Queen's Road East will be diverted via the down-ramp leading from southbound Canal Road flyover to Morrison Hill Road to turn right at the junction of Wong Nai Chung Road and Queen's Road East; and
– Traffic from Cross Harbour Tunnel heading for Happy Valley or Racecourse will be diverted via the down-ramp leading from southbound Canal Road flyover to Canal Road East, southbound Morrison Hill Road, Sports Road and Wong Nai Chung Road.

B. Traffic arrangements before the conclusion of race meeting

1. Road closure
     
     The following roads will be closed from 35 minutes before the start of the last race:

– The up-ramp on Wong Nai Chung Road outside HKJC leading to Aberdeen Tunnel;
– Southbound Wong Nai Chung Road between Queen's Road East and the up-ramp leading to Aberdeen Tunnel;
– Southbound Wong Nai Chung Road between Village Road and the Public Stands of HKJC;
– Westbound Leighton Road between Wong Nai Chung Road and Canal Road East; and
– Southbound Morrison Hill Road between Leighton Road and Queen's Road East.

     In addition, southbound Wong Nai Chung Road between the up-ramp leading to Aberdeen Tunnel and the Public Stands of HKJC will be closed from about 10 minutes before the start of the last race.

2. Traffic diversions

     The following traffic arrangements will be implemented from 35 minutes before the start of the last race:

– Eastbound Queen's Road East at its junction with Morrison Hill Road will be reduced to one-lane traffic heading for northbound Canal Road flyover;
– Vehicles from Cross Harbour Tunnel heading for Wan Chai will be diverted via the down-ramp leading from Canal Road East, U-turn slip road beneath Canal Road flyover, Canal Road West and Hennessy Road;
– Vehicles from Cross Harbour Tunnel heading for Happy Valley will be diverted via the down-ramp leading from Canal Road East, eastbound Leighton Road and Wong Nai Chung Road;
– Traffic on southbound Morrison Hill Road will be diverted to turn left to eastbound Leighton Road;
– Traffic along southbound Morrison Hill Road heading for Happy Valley will be diverted via eastbound Leighton Road and Wong Nai Chung Road; and
– Traffic along westbound Leighton Road will be diverted to Wong Nai Chung Road.

C. Learner drivers prohibition
     
     Learner drivers will be prohibited to turn left from Caroline Hill Road to Leighton Road between one and a half hours before the start of the first race and one hour after the last race. In addition, learner drivers will be prohibited from accessing the following roads within the above period of time:

– Shan Kwong Road between Yik Yam Street and Wong Nai Chung Road;
– Village Road between its upper and lower junctions with Shan Kwong Road;
– Percival Street between Hennessy Road and Leighton Road;
– Canal Road East; and
– The service road leading from Gloucester Road to Canal Road flyover.

D. Suspension of parking spaces
     
     Parking spaces on southbound Wong Nai Chung Road between Sports Road and Blue Pool Road will be suspended from 11am to 7pm during day racing, from 4.30pm to 11.59pm during evening racing, and from 5pm to 11.59pm during night racing.

     Any vehicles found illegally parked within the precincts of the above affected areas will be towed away without prior notice.

     Actual implementation of road closure and traffic diversion will be made by the Police at the time depending on traffic conditions in the areas. Motorists should exercise tolerance and patience, and follow the instructions of Police on site.

The following is issued on behalf of the Legislative Council Secretariat:
 
     The Legislative Council (LegCo) Bills Committee on Inland Revenue (Profits Tax Exemption for Funds) (Amendment) Bill 2018 will hold a meeting at 8.30am tomorrow (January 16) in Conference Room 3 of the LegCo Complex. During the meeting, members of the Bills Committee will meet with the Administration.
 
     Meanwhile, the first meeting of the Subcommittee on Exemption from Profits Tax (People's Bank of China Debt Instrument) Order originally scheduled for tomorrow at 8.30am has been cancelled.

     The Education Bureau today (January 15) announced the appointment of members to the Quality Education Fund Steering Committee (QEFSC).

     The following members have been appointed to the QEFSC:

* Ms Kelly Chan Yuen-sau
* Ms Angela Leung Wai-tuen
* Mr Pang Chor-fu
* Mr Yeung Sai-man

     The following members have been re-appointed to the QEFSC:

* Dr Eugene Chan Kin-keung
* Dr Ho Yuk-fan
* Ms Jane Leung Chui-chun
* Dr Brian Lo Kin-hang
* Miss Bella Lo Sung-yi
* Dr Mak Chi-keung
* Mr Shum Yiu-kwong

     The members' appointments take effect from January 16, 2019 for a term of two years.

     "I am confident that with the appointments of the members, the Quality Education Fund (QEF) will continue with its excellent work in the promotion of quality school education in Hong Kong," said the Secretary for Education, Mr Kevin Yeung.

     He also thanked the outgoing members Dr Lam Sek-kong, Ms Shum Siu-fong, Professor Tse Chi-kong and Mrs Bonnie Woo Chan Tak-chi for their contributions to the QEFSC in the past years.

     The QEF was established in early 1998 with capital of $5 billion to fund community initiatives which promote quality education in Hong Kong. The QEFSC advises on the policies and operation of the QEF and also makes recommendations to the Fund's Trustee on the awards of grants.

     Since its establishment, the Fund has supported over 10 000 projects with grants totalling around $4.6 billion.