Tag Archives: China

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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 (September 7) that the official foreign currency reserve assets of Hong Kong amounted to US$418.4 billion as at the end of August 2023 (end-July 2023: US$421.6 billion) (Annex).

     Including unsettled foreign exchange contracts, the foreign currency reserve assets of Hong Kong at the end of August 2023 amounted to US$418.0 billion (end-July 2023: US$421.6 billion).
      
     The total foreign currency reserve assets of US$418.4 billion represent over five times the currency in circulation or about 40 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 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 September 2023, the scheduled dates for issuing the press releases are as follows:
 

September 7 SDDS International Reserves
(Hong Kong’s Latest Foreign Currency Reserve Assets Figures)
September 14 SDDS Analytical Accounts of the Central Bank
(Analytical Accounts of the Exchange Fund)
September 29 SDDS Template on International Reserves and
Foreign Currency Liquidity
September 29 Exchange Fund Abridged Balance Sheet and
Currency Board Account
read more

East Asia

Company fined $192,000 for contravening Employment Ordinance

     Hoixe Catering Company Limited was prosecuted by the Labour Department (LD) for failing to make timely payment of wages to employees as required by the Employment Ordinance (EO). The company pleaded guilty at the Kwun Tong Magistrates’ Courts today (September 7) and was fined $192,000.

     The company had failed to pay seven employees in accordance with the EO wages totalling about $384,000 within seven days after the expiry of the wage periods.  

     “The ruling will disseminate a strong message to all employers that they have to pay employees’ wages within the time limit stipulated in the EO,” a spokesman for the LD said.

     “The LD will not tolerate these offences and will spare no effort in enforcing the law and safeguarding employees’ statutory rights,” the spokesman added. read more

East Asia