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Without mentioning the Exchange Fund Bill and Note, the description of HK debt market is incomplete as it has played a crucial, if not the most important role in the development of the debt market in Hong Kong. Introducing in 1990, the Exchange Fund Bill and Note was issued by the HKMA to provide a cost-effective instrument for conducting money market operations. The regular issues of it facilitate the development of the local debt market by increasing the supply of high quality HK dollar debt paper. It also establish a reliable benchmark yield curve for HK dollar debt, extending to ten years in 1996. This is very important to the future development for HK dollar debt with long maturity. Although new issuance was confined to 91-day bills in 1999 with sizes and timetables being irregular, HKMA adjusted the issuance programme with longer-term paper in place of short-dated paper in November 2000. A quarterly advance issuance schedule, showing the tentative issuance programme has been published since November 2000. It improves market transparency and facilitate market players' liquidity management. Furthermore, the HKMA has put in place an effective market-making system for Exchange Fund Bills and Notes. Under the market-making system, market makers undertake to quote two-way prices upon requests during normal trading hours of Exchange Fund paper. Trading in Exchange Fund paper is very active, with average daily turnover of twenty four billion HK dollar in 2000. This further enhance the secondary market liquidity and ensure the credibility of a benchmark yield curve. The average over-subscription rate for it is about 6 times in 2000, showing the optimistic prospect of the Exchange Bills and Notes.
The Central Moneymarkets Unit (CMU) was set up in 1990 to provide a computerized clearing and settlement facility for Exchange Fund Bills and Notes. The service was extended to other HK dollar debt securities in 1993, offering an efficient, safe and convenient clearing and custodian system for HK dollar debt instruments.
However the debts are limited (about $118 billion in 1998). ... The most important zone is the zone of Shenzen (near Hong Kong). The investors are interested in the cheap and big labour force, but not only, they are interested by the prospect of the internal market. ... WHAT KIND OF FUTURE FOR CHINA? ... As you know, Brazil is the first country deeply in debt. ...
The end of the Second World War brought another great expansion of capitalism with the development of multinational companies interested in producing and selling in the domestic markets of nations around the world. ... They argue that poor countries should have their debts to intern...
Via its Tokyo hub, United provides passenger service between its U.S. gateway cities (Chicago, Honolulu, Los Angeles, New York, San Francisco, and Seattle) and the Asian cities of Bangkok, Beijing, Hong Kong, Seoul and Singapore. United also provides non-stop service between Hong Kong and each of Chicago and San Francisco; between San Francisco and each of Osaka, Shanghai, Sydney and Taipei; between Los Angeles and each of Auckland and Sydney; between Chicago and Beijing; and between Sydney and each of Auckland and Melbourne. ... By the end of December 2002, these numbers would be drastically ...
