HONG KONG - Hong Kong Monetary Authority (HKMA) said on Thursday that it has bought Hong Kong dollars from the market for 13 times since last Thursday, which is a normal operation in accordance with the design of the Linked Exchange Rate System (LERS).On April 12, HKMA's weak-side Convertibility Undertaking of 7.85 HK dollars against the US dollars was triggered during London trading hours. HKMA said there is no huge short selling of Hong Kong dollars and the risks are under control after the interventions.Officials and economists here believe that HKMA is capable of dealing with the fluctuation of Hong Kong dollars, and the act of HKMA can normalize Hong Kong interests, reduce sell-off activities and stabilize the exchange rate of Hong Kong dollars.The HKMA bought HK$816 million (about $104.08 million) from the market on April 12, which was the first time since 2005, when three refinements to the operation of the LERS were introduced.As of Friday, HKMA has already bought about HK$51 billion from the foreign exchange market since its first intervention, leaving the surplus in the banking system at HK$128.52 billion on Thursday.The LERS was established in 1983. The introduction of the three refinements to the operation of the LERS in 2005, which included the shifting of the existing weak-side Convertibility Undertaking by the HKMA to sell US dollars to licensed banks from 7.80 to 7.85; since then, the Convertibility Zone lies between 7.75 and 7.85.When the exchange rate between HK dollar and US dollar reaches 7.85, HKMA will buy HK dollars from the market, reducing the capital flows in the local market, which in turn, causing the interest rate of HK dollars to rise and narrowing down the interest rate gap between HK dollars and US dollars. The pace of Hong Kong currency capital flow slowed down, causing the weakening of HK dollar.Howard Lee, Deputy Chief Executive of HKMA, told Xinhua that recently the weak-side Convertibility Undertaking of 7.85 HK dollars against the US dollars has been triggered frequently, as the US interest rate hike first sparked in December, 2015, and there has been six times in total. However, Hong Kong interest rate has never followed suit. Investors then sold off Hong Kong dollars and bought in US dollars, causing a fall of the Hong Kong currency value.Lee said that in the past ten years, there has been about HK$1 trillion entering Hong Kong market, and the arbitrage act is normal. According to HKMA, they have not seen any huge short selling of Hong Kong dollars.Lee said that Hong Kong has enough foreign reserve to deal with the situation. As at the end of January 2018, the monetary base was HK$1,700.5 billion, backing assets was HK$1,836.5 billion.Paul Chan Mo-po, Financial Secretary of China's Hong Kong Special Administrative Region government, said that Hong Kong has sufficient financial resources to handle the fluctuation of the exchange rate.Chan said he is confident that Hong Kong can handle the extreme case in event of major money outflow.Cheng Shi, Chief Economist of ICBC International Research Limited, said that HKMA's act of buying Hong Kong dollars from the market can normalize Hong Kong interests and stabilize the market expectation.Resilience of Hong Kong's banks and financial system has enhanced since the financial crises in 1998 and 2008, according to HKMA.However, Lee added that HKMA will stay alert and strengthen bank capital and liquidity management and introduce counter-cyclical prudential supervision measures for property mortgage business.The HKMA will also monitor foreign exchange and money market operations, and co-operate with the Securities and Futures Commission to conduct cross-market surveillance. plastic wristbands uklivestrong bracelet24 hour wristbandsadjustable wristbandsmake rubber bracelets
BEIJING - China hopes to work closely with countries and international organizations on global security, and jointly build universal security for humankind, President Xi Jinping said here Tuesday. Xi made the remarks in Beijing while addressing the opening ceremony of the 86th Interpol General Assembly. He spoke highly of Interpol's important role in global law enforcement, security cooperation and combating crimes. Since becoming a member state of Interpol in 1984, China has been committed to developing cooperation with Interpol and other member states, and contributed to maintaining world security and stability, Xi said. In order to beef up global law enforcement and security cooperation, Xi proposed enhanced reform and innovation, sticking to the rule of law and mutual benefits. "Countries should adopt a concept of common, comprehensive, cooperative and sustainable security, and jointly respond to security challenges," he said. Xi asked to promote global security governance in a more fair, reasonable and effective way. "Countries and intergovernmental organizations should shoulder the main responsibilities of security governance, while non-governmental organizations, multinationals and civil society are encouraged to jointly work for it," he said. He called on countries to adhere to the UN Charter and Interpol regulations, seriously fulfill conventions against transnational crimes and corruption, and improve relevant international regulations. "Countries, while maintaining their own security, should take into account other countries' security," Xi said. He asked major countries to offer more support for underdeveloped countries and regions in security and development. "To provide people with a safe and sound living environment is our important target," Xi said, adding that China had made remarkable progress in combating crimes of various kind and building crime prevention and control system. "More and more people believe China is one of the most secure countries in the world, which is an important contribution China has made to the world," he said. "China has actively participated in global law-enforcement cooperation and global security governance, resolutely supported international fight against terrorism, joined global cooperation in combating cyber crimes, worked with other countries in fugitive repatriation, fighting against telecome fraud and other crimes." The Chinese president vowed stronger support for Interpol in the five years to come to raise its global influence and leadership. Meng Hongwei, Interpol president and vice minister of public security in China, presided over the opening ceremony. Participants from 158 countries and regions gathered in Beijing for the conference, which lasts from Tuesday to Friday.
