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Hong Kong Monetary Authority history
Hong Kong Monetary Authority company history timeline
Hong Kong's Exchange Fund was established by the Currency Ordinance of 1935 (later renamed the Exchange Fund Ordinance). Since its inception, the Exchange Fund has held the backing to the note issuance of Hong Kong.
In 1976, the role of the Exchange Fund was expanded.
1978 Merger of the Coinage Security Fund with the Exchange Fund
1993 Investment in foreign equities The Exchange Fund started holding foreign equities by investing in US equities in the first half of 1993.
Prior to 1 April 1998, fiscal reserves were placed with the Exchange Fund as Hong Kong dollar deposits to minimise market risk.
In April 1999, EFIL developed a disposal programme which began with a unit trust replicating the Hang Seng Index named the Tracker Fund of Hong Kong (TraHK). Since then, TraHK has become an actively traded security on the Hong Kong Stock Exchange.
With effect from January 2003, the management of the Hong Kong equity portfolio was transferred to the HKMA from EFIL. The HKMA currently manages this portfolio exclusively through external fund managers.
Since 1 April 2007, the Financial Secretary introduced a new fee arrangement on the fiscal reserves placed with the Exchange Fund.
In order to better manage risks and enhance returns, the Exchange Fund has been diversifying its investments into a wider variety of asset classes in a prudent and incremental manner since 2008.
2009 Acceptance of placements by Government funds and statutory bodies
2016 Establishment of the Future Fund The Future Fund, established on 1 January 2016, was placed with the Exchange Fund over a ten-year period.
In order to support the continued expansion in the scale, diversity and complexity of Exchange Fund’s investments, the HKMA established EFIO on 1 August 2018 to house the Exchange Fund’s investment and related risk management functions.
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Hong Kong Monetary Authority competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| United States Commission on Civil Rights | 1957 | $3.0M | 125 | - |
| Ministry of Finance and Economic Development | 1900 | $130.0M | 697 | - |
| Overseas Private Investment | 1971 | $46.0M | 750 | - |
| U.S. Economic Development Administration | 1965 | $1.0M | 6 | - |
| ProMéxico | 2008 | $49.0M | 750 | - |
| U.S. Department of Housing and Urban Development | 1965 | $580.0M | 7,240 | - |
| Washington County Museum of Fine Arts | 1929 | $2.0M | 18 | - |
| National Czech & Slovak Museum & Library | 1974 | $10.0M | 30 | - |
| Ministerio de Comercio, Industria y Turismo | 2003 | $75.0M | 3,000 | - |
| Population Reference Bureau | 1929 | $8.3M | 20 | - |
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