The information below will assist you in learning about the Hong Kong banking system, and will provide you details on opening a Hong Kong offshore account. You will find details on the laws and regulations that govern offshore banking, as well as a list of local and international banks that are operating.
The Hong Kong Monetary Authority (HKMA) was established on 1 April 1993 by merging the Office of the Exchange Fund with the Office of the Commissioner of Banking. Its main functions and responsibilities are governed by the Exchange Fund Ordinance and the Banking Ordinance and it reports to the Financial Secretary.
The HKMA is the government authority in Hong Kong responsible for maintaining monetary and banking stability. Its main functions are:
The Hong Kong Monetary Authority (HKMA) is responsible for achieving the monetary policy objective in Hong Kong determined by the Financial Secretary, including determining the strategy, instrument and operational means for doing so, and for maintaining the stability and integrity of the monetary system of Hong Kong.
The monetary policy objective of Hong Kong is currency stability, defined as a stable external exchange value of the currency of Hong Kong, in terms of its exchange rate in the foreign exchange market against the US dollar. The Hong Kong dollar is fixed at HK$7.80 to US$1.
At end-March 2005, there were 133 licensed banks, 39 RLBs, and 35 DTCs in Hong Kong. Of these 207 AIs, 182 were owned by interests from 30 foreign countries. In addition, there were 84 representative offices of foreign banks.
Hong Kong’s five largest banks, in terms of total assets, are as follows:
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