July 22 - 28, 2019

FINANCE

New Hong Kong Monetary Authority Chief Executive appointed

Eddie Yue has been appointed as the Chief Executive of the Hong Kong Monetary Authority (HKMA) with effect from Oct 1. He succeeds Norman Chan, who will retire after leading the HKMA since 2009. Making the announcement, Financial Secretary Paul Chan said Mr Yue has a deep understanding of Hong Kong’s banking and monetary system as well as financial markets and extensive experience in tackling financial crises. Mr Yue joined the HKMA in 1993, the year it was founded, and has been deputy chief executive responsible for reserves management, external affairs and research since 2007.

EDUCATION

Outstanding achievements at International Biology Olympiad

Hong Kong students have won four medals at the International Biology Olympiad held in Szeged, Hungary (Jul 14-20). Congratulating the team on their performance, Secretary for Education Kevin Yeung said the Education Bureau will continue to support and nurture more students with talent and interest in STEM (science, technology, engineering and mathematics), adding that students can further broaden their horizons and pursue excellence through participating in these challenging learning activities.

SPORTS

Fencing ace wins bronze in world championship

Fencing ace Vivian Kong steps onto the winner’s podium at the World Fencing Championships in Budapest (Jul 18), becoming the first Hong Kong athlete to win a medal at the event. With her bronze medal win in women’s épée, the 25-year-old Stanford graduate also regained the world No. 1 ranking. She is now preparing for the 2020 Tokyo Olympics.

HEALTHCARE

Opportunities for overseas trained doctors

Hong Kong is recruiting overseas trained doctors to serve as residents and associate consultants in public hospitals. Successful applicants will gain working and training experience in a range of medical specialties in public hospitals in the city. Hong Kong has developed a healthcare system that is renowned for its high efficiency, and is ranked among the best in the world in terms of many health indicators.

ECONOMY

Key Indicators

• The value of total exports in June fell 9% year-on-year to US$39.6 billion. The year-on-year decrease in the value of merchandise exports was attributed to the soft global economic environment and continued US-Mainland trade tensions.

• June’s inflation rose 3.3% year-on-year, due to price increases in food, housing, miscellaneous services and goods, meals, alcoholic drinks and tobacco and transport.

BASIC LAW

Hong Kong and its Basic Law

The Basic Law (BL) is the constitutional document of the Hong Kong Special Administrative Region (HKSAR). Put into effect on July 1, 1997, it enshrines within a legal document the important concept of “One Country, Two Systems".

Q: Does the HKSAR Government have complete control over fiscal and economic policies and safeguard the free movement of goods, assets and capital?

A: The HKSAR Government formulates its own economic policies; manages its finances independently; prepares its own budgets; issues its own freely convertible currency; practices an independent taxation system; keeps its low and simple tax regime; formulates its own monetary and financial policies; safeguards the free flow of capital; maintains the status of a free port; pursues a policy of free trade and protects the free movement of goods, intangible assets and capital. (BL Articles 62; 106-119)

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