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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

Legal collaboration MOU signed

The Government today signed a memorandum of understanding (MOU) with the International Institute for the Unification of Private Law (UNIDROIT).   The MOU was signed by Secretary for Justice Teresa Cheng and UNIDROIT President Prof Maria Chiara Malaguti at a virtual signing ceremony.   It focuses on the administrative arrangements for collaboration relating to private international law and international commercial law.   This is the second MOU concluded between the Department of Justice and UNIDROIT, following the signing of the first one in May 2021, which put in place the arrangements for seconding Hong Kong legal professionals to the UNIDROIT Secretariat.   Ms Cheng said in her opening remarks that the signing of the joint declaration of intent opened a new chapter in the close co-operation between the two parties, adding that it also laid the foundation for enhanced collaboration in the field of private international law.   She also announced that, under the MOU, the department and UNIDROIT will be jointly launching the inaugural Asia-Pacific Private International Law Summit in the city this November, as one of the flagship events of Hong Kong Legal Week 2022.
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