News Brief: IMF Signs Agreement With People's Republic of China To Establish Hong Kong Sub-Office
September 23, 2000
The International Monetary Fund (IMF) and the People's Republic of China today signed a Memorandum of Understanding (MoU) on the opening of a sub-office in Hong Kong SAR. The sub-office will function as part of the IMF's existing Resident Representative Office in China. The MoU was signed by Mr. Horst Köhler, Managing Director of the International Monetary Fund, and Governor Dai of the People's Bank of China. The ceremony, which was held during the annual meetings of the IMF and the World Bank in Prague, was also attended by Mr. Norman Chan, the Deputy Chief Executive of the Hong Kong Monetary Authority.
Commenting on the opening of the sub-office, Mr. Köhler said: "As a major financial center, Hong Kong SAR's markets play a key role in intermediating the flow of capital in the region. The new sub-office will greatly enhance the IMF's surveillance of financial and economic developments in Hong Kong SAR and the region."