IMF, IFC, IBRD to Establish Offices in Hong KongThe International Monetary Fund (IMF), the International Finance Corporation (IFC) and the International Bank for Reconstruction and Development (IBRD) will establish offices in the Hong Kong Special Administrative Region (SAR) of China, according to a government press release Sunday.The IMF and the People's Republic of China signed a Memorandum of Understanding (MOU) Saturday during the IMF/World Bank Annual Meetings in Prague on the opening of a sub-office in the Hong Kong SAR. The sub-office will function as part of the IMF's existing Resident Representative Office in China. The IFC and the IBRD will also sign a MOU with the Ministry of Finance of China and a Memorandum of Administrative Arrangements with the Hong Kong SAR government over the next few days in Prague for the establishment of their Joint Regional Office in Hong Kong. Donald Tsang, financial secretary of the Hong Kong SAR, expressed welcome to the establishment of the IMF Sub-Office in Hong Kong "The establishment of the sub-office underlines Hong Kong's position as the premier international financial center in the region," he said. "I am pleased to say that the International Finance Corporation and the International Bank for Reconstruction and Development have also decided to establish in Hong Kong their first Joint Regional Office in Asia," Tsang said. The Joint Regional Office will commence operation in Hong Kong after the signing of the necessary documents. Joseph Yam, chief executive of the Hong Kong Monetary Authority, said: "The establishment of these two offices is a positive development for Hong Kong. We look forward to working closely with the two offices and will render the necessary support to facilitate their work in Hong Kong." |
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