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Foreign currency reserves up

Hong Kong's foreign currency reserve assets rose to US$423.2 billion in November from October's US$417.2 billion, the Monetary Authority announced today.   The reserve assets represent over five times the currency in circulation or about 42% of Hong Kong dollar M3.   There were no unsettled foreign exchange contracts at the end of November. http://dlvr.it/Sf21yd

CE-elect receives appt instrument

Chief Executive-elect John Lee was awarded the instrument of appointment as the sixth-term Chief Executive of the Hong Kong Special Administrative Region by Premier Li Keqiang in Beijing today.   The Premier said the central government will, as in the past, implement the principle of “one country, two systems” comprehensively and accurately, under which the people of Hong Kong administer Hong Kong with a high degree of autonomy, adding that it will exercise its overall jurisdiction over the Hong Kong SAR under the principle of “patriots administering Hong Kong”.   Mr Li added the central government will fully support the Chief Executive and the Hong Kong SAR Government to administer Hong Kong in accordance with the law, to develop Hong Kong’s economy and to improve people’s livelihoods.   The Chief Executive-elect said he was deeply honoured by the appointment.   Mr Lee said he is fully aware of the great responsibility upon him, adding that he will do his utmost to live up to the expectations of the country and the Hong Kong people.   He also pledged to lead the Hong Kong SAR Government with loyalty and perseverance and to uphold the “one country, two systems” principle.   He added that he will also unite all sectors and lead the SAR Government and the Hong Kong people to work together and strive for the well-being of the city and its citizens.   Mr Lee will meet the Vice-Chairman of the National Committee of the Chinese People's Political Consultative Conference and Director of the Hong Kong & Macao Affairs Office of the State Council, Xia Baolong, tomorrow.
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