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China, IMF Sign Memorandum on Hong Kong Sub-Office
The Chinese government and the International Monetary Fond (IMF) on Saturday signed a memorandum of understanding on the establishment of a sub-office in Hong Kong.
The memorandum was signed by Dai Xianglong, governor of the People's Bank of China, and IMF Managing Director Horst Kohler during an annual meeting here of the IMF and the World Bank.
According to the memorandum, the sub-office will be subordinate to the fund's resident representative office in China, with the responsibilities of assisting in information gathering, research and analysis of the economic and financial market activities in Hong Kong. It will also carry out research in the impact on Hong Kong of the economic and financial developments in Asia and other regions.
The sub-office's contacts with the government of the Hong Kong Special Administrative Region shall be limited to such technical work as economic research, information sharing and administrative arrangements concerning the sub-office's staff.
Commenting on the opening of the sub-office, Kohler said that as a major financial center, Hong Kong plays a key role in intermediating capital flow in the region.
The sub-office will greatly enhance IMF's surveillance on the financial and economic developments in Hong Kong and the region, he added.
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