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

     The Federal Open Market Committee of the United States Federal Reserve (the Fed) announced early today (March 20, Hong Kong time) after its two-day meeting that it had decided to keep the target range for the federal funds rate unchanged at 4.25-4.5 per cent.
      
     The policy decision is in line with market expectations. The "dot plot" released following the meeting indicated that the Fed might cut rates by a total of 50 basis points before year end. However, in view of recent changes in various economic indicators, as well as the volatility in market expectations, the pace of future rate cuts remains quite uncertain as it is dependent on US inflation and labour market data developments, as well as the impact of fiscal, economic and trade policies adopted by the US government on economic activity.
      
     In Hong Kong, our financial and monetary markets have continued to operate in a smooth and orderly manner. Market liquidity condition has remained stable, and the Hong Kong dollar exchange rate stays steady. Under the Linked Exchange Rate System, Hong Kong dollar interbank rates generally track the US dollar counterparts, while shorter-tenor interbank rates tend to be also influenced by the supply and demand of Hong Kong dollar funding in the local market such as seasonal effects as well as capital market activities.
      
     Interest rates in Hong Kong might still remain at relatively high levels for some time, and the extent and pace of future US interest rate cuts are subject to considerable uncertainty. The public should carefully assess and continue to manage the interest rate risk when making property purchase, mortgage or other borrowing decisions. The HKMA will continue to closely monitor market developments and maintain monetary and financial stability.

　　The "Hong Kong Artists" Series 2025, presented by the Leisure and Cultural Services Department (LCSD), will launch six brilliant programmes featuring 10 distinguished local artists skilled in violin, piano, cello, guzheng and vocal arts. Among them, a cross-genre performance of music and painting will be staged to showcase Hong Kong's unique cultural character, embracing diversity and innovation. Tickets will be available for purchase starting at 10am next Thursday (March 27). 

　　Brief introductions of the programmes are as follows:

"Soundscape Impressions"
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Date and time: May 10 (Saturday), 8pm
Venue: Studio Theatre, Hong Kong Cultural Centre
Ticket prices: $240 and $320
 
　　Curated by renowned pianist Colleen Lee and watercolour artist Fu Man-yat, this cross-genre arts programme presents works of French composers Debussy, Saint-Saëns and Ravel. Lee, together with three vibrant musicians – Aaron Chan (violin), Letty Poon (cello) and Rhythmie Wong (piano) – will perform alongside Fu's paintings. The concert features interactions between painting and music, enabling the audience to experience the commonalities between the two art forms. 

Violin Recital by Nina Wong
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Date and time: June 11 (Wednesday), 8pm
Venue: Theatre, Hong Kong City Hall
Ticket prices: $200 and $240

　　Emerging violinist Nina Wong pursued her studies at the Bard College Conservatory of Music in New York, the United States. In this recital, young pianist Shelley Ng will join her to present a programme of works by renowned composers Bach, Strauss, Piazzolla and more, showcasing virtuoso finesse. 

Piano Recital by Anson Wong
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Date and time: July 4 (Friday), 8pm
Venue: Theatre, Hong Kong City Hall
Ticket prices: $200 and $240

　　Rising pianist Anson Wong was awarded the grand prize at the International Music Competition of Hong Kong Generation Next Arts in 2021. He will offer audiences a delightful evening featuring works by JanáÄ�ek, Schubert (transcription by Liszt), Beethoven and Schumann, as well as Wong's transcription of adagietto from Mahler's "Symphony No. 5". 

Cello Recital by Alex Lau
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Date and time: September 9 (Tuesday), 8pm
Venue: Theatre, Hong Kong City Hall
Ticket prices: $200 and $240

　　Emerging young cellist Alex Lau makes frequent appearances on the music scene in America, Europe and Asia. He will be accompanied by Japanese pianist Naoko Sonoda to perform works by Beethoven, Brahms, Ligeti, Prokofiev and more to embark on a musical journey that spans 200 years.  

Vocal Recital by Viola Cheung
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Date and time: November 13 (Thursday), 8pm
Venue: Theatre, Hong Kong City Hall
Ticket prices: $200 and $240

　　With an extended vocal range and timber, soprano Viola Cheung has been invited to perform different roles in operas and to sing solo and ensemble works around the world in recent years. She will be accompanied by pianist Leona Cheung to present a programme featuring classical operatic works and contemporary music pieces. 

Guzheng Recital by Grammy Yeung
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Date and time: December 1 (Monday), 8pm
Venue: Theatre, Hong Kong City Hall
Ticket prices: $200 and $240

　　Young guzheng player Grammy Yeung, who has been invited to give solo performance at different venues, will collaborate with multiple Chinese and western music players, showcasing classical and contemporary guzheng pieces, as well as a newly commissioned composition by local composer Chan Hing-yan, highlighting the multifaceted nature of guzheng with both traditional Chinese aesthetics and innovation. 

　　Tickets of the above-mentioned programmes will be available from March 27 (Thursday) onwards at URBTIX (www.urbtix.hk). For telephone bookings, please call 3166 1288. Package discounts will be available for ticket purchases with different programmes in the "Hong Kong Artists" Series in 2025. For programme enquiries and discount schemes, please call 2268 7321 or visit www.lcsd.gov.hk/CE/CulturalService/Programme/en/music/groups_1823.html.
 
　　The "Hong Kong Artists" Series aims to provide a platform for local artists to showcase their remarkable talents. In addition to individual performances, it also encourages cross-genre works to highlight their unique styles. For more information, please visit the above-mentioned website. 

            

     â€‹The Labour Department has called for registration for a webinar on the Employment Ordinance and the abolition of the Mandatory Provident Fund (MPF) offsetting arrangement to be held between 2.30pm and 5pm on April 25 (Friday).

     The main provisions of the Employment Ordinance and the abolition of the MPF offsetting arrangement will be introduced.

     The real-time webinar will be conducted in Cantonese via Zoom, and participation is free of charge.

     Interested participants should complete the registration form, which can be downloaded from the Labour Department's website (www.labour.gov.hk), and return it by email by April 7 (Monday). The quota will be allocated on a first-come, first-served basis. For enquiries, please call 3575 8671.

     The Environmental Protection Department (EPD) today (March 20) announced that the qualifying standards (QS), first registration tax concession rates and their concession caps for environment-friendly commercial vehicles (EFCV) will remain unchanged for the period from April 1, 2025, to March 31, 2026, inclusive.

     To improve roadside air quality and safeguard public health, the Government has been offering tax incentives since April 1, 2008, to encourage commercial vehicle owners to choose EFCVs with exhaust emissions that outperform the prevailing statutory emission standards. The EPD reviews the QS of EFCV models annually in the light of vehicle technological advancements, market availability and the prevailing statutory emission standards for the first registered vehicles.

     The EPD regularly updates the list of EFCV models as new models enter the local market. Details of the tax concession scheme for EFCVs are available at www.epd.gov.hk/epd/english/environmentinhk/air/prob_solutions/environment_friendly_commercial_vehicles.html.

     The level of ex gratia payment granted from the Protection of Wages on Insolvency Fund (the Fund) to employees who are owed severance payment by their insolvent employers will be increased.
      
     Through a resolution of the Legislative Council under the Protection of Wages on Insolvency Ordinance today (March 20), the maximum amount of ex gratia payment on severance payment under the Fund will be increased from $100,000 plus 50 per cent of any excess entitlement to $200,000 plus 50 per cent of any excess entitlement. 
      
     The adjusted maximum amount will take effect on Friday (March 21) upon gazettal of the resolution and apply to severance payment where the liability for payment arises on or after that date.
      
     The review on the coverage of ex gratia payment on severance payment under the Fund is one of the policy initiatives in "The Chief Executive's 2024 Policy Address" to strengthen labour support. This legislative amendment will further strengthen the protection for employees' entitlements to severance payment upon business closures.
      
     The Fund was set up in 1985 to provide timely financial relief in the form of ex gratia payment to employees of insolvent employers.