News Brief: IMF Managing Director Horst Köhler Opens Hong Kong Sub-Office

January 11, 2001

Mr. Horst Köhler, the Managing Director of the International Monetary Fund (IMF), today opened the Hong Kong SAR Sub-Office of the IMF's Resident Representative Office in the People's Republic of China. At the opening, Mr. Köhler made the following statement:

"I am pleased to visit Hong Kong for the opening of the IMF sub-office. The primary objective of the sub-office is to monitor financial and economic developments in the region. Hong Kong was a logical choice because, as a major financial center, Hong Kong SAR's markets play a key role in intermediating the flow of capital in the region. We believe that our presence in Hong Kong SAR will greatly enhance the IMF's surveillance and help us better understand emerging economic and financial issues. The office should play an important role in promoting and maintaining a dialogue with the international financial community. And, in the process, help the Fund and the private capital markets contribute to the stability of the international financial system. I would like to thank the authorities for their support and encouragement in opening this office".

During his visit to Hong Kong, Mr. Köhler met with senior Hong Kong SAR officials, including Chief Executive Tung Chee Hwa, Financial Secretary Donald Tsang, HKMA Chief Executive Joseph Yam, and Secretary for Financial Services Stephen Ip.

Deputy Governor Liu Tinghuan of the People's Bank of China led a delegation from Beijing for today's opening. In September 2000, the IMF signed a Memorandum of Understanding with the People's Bank of China on the opening of the Hong Kong SAR sub-office.


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