| Abstract | This article is the text of a speech given by Joseph Yam, Chief Executive of the Hong Kong Monetary Authority, at American Chamnber of Commerce lucheon on 12 December 1996. According to Yam, Hong Kong's monetary affairs have come a long way since the early 1980s. Significant developments during this period can be viewed in three distinctive "five year" phases. The first five-year phase (1983-1987) saw the government engaged essentially in fire fighting activities on monetary and banking fronts. In the second five-year phase (1988-1992), five prevention measures were being put in place. To put Hong Kong firmly and permanently on the map as an international financial centre of repute is the theme of the third five-year phase (1993-1997). Looking further ahead, the next five years will see Hong Kong, as an international financial centre, getting ready to cope with the current wave of technological innovation in the financial market. |
|---|
