外汇基金条例

基本信息

发文字号

效力级别 香港法规

时效性 现行有效

颁布日期 1970-01-01

实施日期 1970-01-01

发布机关 香港

正文

本条例为设立及管理外汇基金及其在香港之资产运用方面而作出规定。

〔1935年12月6日〕

1．简称

本条例定名为外汇基金条例。

2．释义

在本条例内，除按照上下文另具意义者外，下开各词应解释如下——

“合法发行之钞票”指在香港境内，根据《香港上海汇丰银行条例》（第70章）之规定及渣打银行公司宪章或其附加宪章之规定，或根据本条例修订之上述规定或《银行纸币发行条例》（第65章），由发行钞票银行发行之钞票；

“外汇”指港币以外所有其他货币，包括英镑及其他英联邦货币；

“外汇”指除港币的以外的所有流通货币，包括英国货币和其他项联邦国家的货币；

“金融管理专员”指根据条例第5Ａ条任命之金融管理专员；

“发行钞票银行”指渣打银行及香港上海汇丰银行。

3．外汇基金之设立，控制及管理

（1）本条例规定设立一项基金，名为“外汇基金”，由财政司控制，并主要用于财政司认为直接或间接影响港币汇价及其他有关之用途上。财政司执行控制时，须与外汇基金咨询委员会商议。财政司为此委员会之当然主席，其他委员则由总督任命。

（1Ａ）基金除用于其主要目的外，财政司为保持香港作为国际金融中心之地位，可将基金用于他认为保持香港金融及财政的稳定及完善之用途上。

（1Ｂ）金融管理专员在根据第（1Ａ）款规定使用外汇基金时，须考虑基金的主要目的。

（2）此基金或其中任何部分，得以港币、外汇、黄金或白银贮存，或由财政司投资于经英国外交及联邦事务大臣核准之证券；财政司可按情代基金买卖上述货币、外汇、黄金、白银或证券。

（3）除第（4）款另有规定外，财政司得在香港或其他地方，以外汇基金之任何资产作为担保而代外汇基金借款，或代外汇基金从政府一般收入中借款。

（3Ａ）在香港（铸币）令（1936年至1978年）名下或根据该法令而发行之任何硬币价值，或此等硬币终止为法定货币后出售所得之款项，概予拨入该基金内。

（4）除第（5）款另有规定外，在任何时间内，根据第（3）款之规定而借得但未清还之总数不得超过五百亿港元，或如以外汇持有，则不得超过以当时兑换率计算之同等数目，但根据第4条签发之负债证明书不计在内。

（5）立法局可不时通过决议案，并在英国外交及联邦事务大臣同意之情形下，决定另一数目作为此等未偿还借款在某一时间内不得超过之总数。

4．负债证明书

（1）财政司有权签发在附表列明格式之负债证明书予任何一家发行钞票银行，作为在香港境内合法发行钞票之保证；财政司亦有权要求该等银行，向其缴付此等负债证明书之面值总额，或同等价值之外汇（其汇价可由财政司决定），以便拨入基金帐内并由基金持有，主要作为赎回该等钞票之用。

（2）财政司可运用根据第（1）款缴付予其之款项，购买外汇或黄金；又或根据第3条第（2）款之规定，用作偿还负债证明书，款项相等于其面值，或同等价值之外汇，其汇价可由财政司决定。

（3）财政司可将根据第3条第（2）款而出售外汇或黄金所得之款项，兑换港币，用作赎回根据第（1）款签发之负债证明书。

第4Ａ条（已撤销）

5．货币发行限额之维持

本条例并无赋予任何一家发行钞票银行如下之权力，即发行货币超过任何控制此等货币发行之条例或宪章所订明之最高限额。财政司根据本条签发负债证明书时，须考虑上述之最高限额。

5Ａ．金融管理专员之任命

（1）财政司可按其认为适当之任期及条件委任一名金融管理专员。

（2）金融管理专员应—

（ａ）根据本条例协助财政司履行其职责；

（ｂ）履行财政司指定之职责；及

（ｃ）履行其他条例赋予或授与金融管理专员之职责。

（3）财政司可按其认为适当之任期及条件，委任一名官员协助金融管理专员履行本条第（2）款规定的金融管理专员之职责。

（4）尽管有第（2）款（ｂ）及（ｃ）段之规定，金融管理专员及根据第（3）款委任的协助专员之官员，仍应被视为与基金有关之目的而雇佣。

（5）在本条中，“职责”一词包括权力和义务。

5Ｂ．金融管理专员之授权

（1）财政司可将本条例赋予财政司之任何权力及义务授与金融管理专员。

（2）根据本条所作之授权或再授权——

（ａ）不得妨碍财政司行使其权力或履行其义务；

（ｂ）财政司可以附加条件，或作出保留或限制；

（ｃ）可针对任何在当时正履行金融管理专员职责之人士；或

（ｄ）财政司可予以修改。

（3）在财政司根据本条例作出之授权中，也包括将被授与的权力及义务按照财政司要求之任期及人士或某一职级或类别之人士，进行再授权的权力。

6．基金承担之开支

下列开支应记入基金帐内——

（ａ）受雇与基金用途及其投资有关之人员薪酬，及此等人员之其他公务开支；同时，亦包括以服务基金为其部分职责之公职人员，所得薪酬或其他公务开支之适当部分：

但上述职员之职位数目及薪酬须经财政司批准；

（ａａ）在香港（铸币）令（1936年至1978年）名下或根据该法令而铸造之任何硬币，其铸造费用及维持硬币流通所需之任何开支；及

（ｂ）经总督同意，作为财政司及咨询委员会适当执行其订明与外汇基金有关之职责时，所必须支付之任何附带费用。

7．基金帐目之查核

基金之所有交易帐目，须于总督不时指定之时间以其不时指定之方法查核。

8．从基金转拨款项

基金须维持其资产数额达下开两项总和之百分之一百零五，超逾之数目，财政司与外汇基金咨询委员会进行协商，并取得英国外交及联邦事务大臣之批准后，可不时转拨任何款项或任何款项之任何部分予香港政府一般收入或经英国外交及联邦事务大臣批准之香港其他基金——

（ａ）根据第3条所作之尚未清还之借款总额；及

（ｂ）根据第4条所发行之尚未清还之负债证明书面值总额；

并且，财政司可就本条之规定而变卖基金之任何资产。

附 表 香港外汇基金条例第66章

〔条例第4条第（1）款〕

负债证明书价值＿＿＿＿＿＿元

本证明书乃根据《外汇基金条例》（第66章）签发，表示香港政府欠＿＿＿＿＿＿＿债款共＿＿＿＿＿元（不支付利息）。财政司可随意在任何时间内赎回上述之证明书，款项相等于其面值，或同等价值之外汇，其汇价可由财政司决定。

本证明书最高能以上述总额，作为在香港合法发行货币之保证。

＿＿＿＿＿＿

金融管理专员香港19＿＿＿＿＿＿

EXCHANGE FUND

(CHAPTER 66)

Whole document:

To make provision for the establishment and management of an exchange fundand as to the employment of its assets in Hong Kong.(Amended 20 of 1948 s. 4; 17 of 1979 s. 2)[6 December 1935]

1. Short title

This Ordinance may be cited as the Exchange Fund Ordinance.(Amended 20 of 1948 s. 4)

2. Interpretation

In this Ordinance, unless the context otherwise requires--"bank notes lawfully issued" means notes issued in the Colony by any ofthe note-issuing banks in accordance with the provisions of The Hongkongand Shanghai Banking Corporation Limited Ordinance (Cap. 70) and thecharter of incorporation of Standard Chartered Bank or any supplementalcharter of that bank, or issued in accordance with the above-mentionedprovisions as modifiedby this Ordinance, or the Bank Notes IssueOrdinance (Cap. 65); (Amended 20 of 1948 s. 4; 54 of 1956 s. 3; 7 of 1978s. 3; 76 of 1984 s. 2; L. N. 333 of 1989)"foreign exchange" means all currencies other than Hong Kong currency andincludes sterling and other Commonwealth currencies; (Amended 20 of 1948s. 4) "Monetary Authority" means the Monetary Authority appointed undersection 5A; (Added 82 of 1992 s. 2)"note-issuing bank" means Standard Chartered Bank, and The Hongkong andShanghai Banking Corporation Limited. (Amended 54 of 1956 s. 3; 14 of 1958s. 3; 7 of 1978 s. 3; 76 of 1984 s. 2; L. N. 333 of 1989)

3. Establishment control and management of Exchange Fund

(1) There shall be established a fund to be called "the Exchange Fund"which shall be under the control of the Financial Secretary and shall beused primarily for such purposes as the Financial Secretary thinks fitaffecting, either directly or indirectly the exchange value of thecurrency of Hong Kong and for other purposes incidental thereto. Thecontrol of the Financial Secretary shall be exercised in consultation withan Exchange Fund Advisory Committee of which the Financial Secretary shallbe chairman and of which the other members shall be appointed by theGovernor. (Amended 12 of 1946 s. 2; 26 of 1983 s. 2; 82 of 1992 s. 3)(1A) In addition to using the Fund for its primary purpose, the FinancialSecretary may, with a view to maintaining Hong Kong as an internationalfinancial centre, use the Fund as he thinks fit to maintain the stabilityand the integrity of the monetary and financial systems of Hong Kong.(Added 82 of 1992 s. 3)(1B) The Financial Secretary, in using the Fund for the purpose specifiedin subsection (1A), shall have regard to the primary purpose of the Fund.(Added 82 of 1992 s. 3)(2) The Fund, or any part of it, may be held in Hong Kong currency orinforeign exchange or in gold or silver or may be invested by the FinancialSecretary in securities approved by the Secretary of State; and theFinancial Secretary may for the account of the Fund buy or sell suchcurrency or such exchange or gold or silver or securities accordingly.(Replaced 25 of 1971 s. 2. Amended 8 of 1975 s. 2; 26 of 1983 s. 2)(3) Subject to subsection (4), the Financial Secretary may borrow for theaccount of the Fund either in Hong Kong or elsewhere on the security ofany asset held by the Fund or on the general revenue. (Added 25 of 1971s.2. Amended 26 of 1983 s. 2)(3A) There shall be credited to the Fund the value of any coinage issuedunder or by virtue of The Hong Kong (Coinage) Orders 1936 to 1978 (App.III, p. AA1) and the value of any proceeds of sale of such coinage afterit has ceased to be legal tender. (Added 26 of 1983 s. 2)(4) The aggregate amount of borrowing under subsection (3), other than oncertificates of indebtedness issued under section 4, outstanding at anyone time shall, subject to subsection (5), not exceed fifty thousandmillion dollars, or, if held in foreign exchange, the equivalent at thecurrent rate of exchange. (Added 25 of1971 s. 2. Amended L. N. 150 of1971; L. N. 125 of 1972; L. N. 56 of 1980; L. N. 173 of 1980; L. N. 363of 1980; L. N. 388 of 1981; L. N. 64 of 1987)(5) The Legislative Council may from time to time, by resolution proposedwith the approval of the Secretary of State, determine some other amountto be the amount which the aggregate amount of such borrowings outstandingat any one time shall not exceed. (Added 25 of 1971 s. 2. Amended 16 of1984 s. 2)

4. Certificates of indebtedness

(1) The Financial Secretary is authorized to issue to any note-issuingbank, to be held as cover for bank notes lawfully issued in the Colony,certificates of indebtedness in the form in the Schedule and to requiresuch bank to pay to him for the account of the Fund the face value of suchcertificates, or the equivalent in such foreign exchange and at such rateof exchange as may be determined by the Financial Secretary, to be held bythe Fundprincipally for the redemption of such notes. (Replaced 4 of 1951Schedule. Amended 26 of 1983 s. 3. 16 of 1984 s. 3)(2) The Financial Secretary may employ the funds paid to him in accordancewith subsection (1), for the purchase of foreign exchange or gold orotherwise in accordance with the provisions of section 3 (2) or for theredemption of certificates of indebtedness at their face value or theequivalent in such foreign exchange and at such rate of exchange as may bedetermined by the Financial Secretary. (Replaced 4 of 1951 Schedule.Amended 16 of 1984 s. 3)(3) The Financial Secretary may apply the proceeds of the sale of foreignexchange or gold for Hong Kong currency in accordance with section 3 (2)to the redemption of certificates issued under subsection (1). (Amended 12of 1946 s. 2)4A. (Repealed 64 of 1987 s. 31)

5. Preservation of limits on note issue

Nothing in this Ordinance shall empower any note-issuing bank to issuenotes in excess of any maximum limit laid down in any Ordinance or chartergoverning the issue of such notes, and in issuing certificates under thissection the Financial Secretary shall take into account such maximumlimits.(Replaced 4 of 1951 Schedule. Amended 7 of 1978 s. 3)

5A. Appointment of Monetary Authority

(1) The Financial Secretary shall appoint a person to be the MonetaryAuthority on such terms and conditions as he thinks fit.(2) The MonetaryAuthority shall--(a) assist the Financial Secretary in the performance of his functionsunder this Ordinance;(b) perform such functions as the Financial Secretary may direct; and(c) perform functions imposed on or assigned to the Monetary Authority byany other Ordinance.(3) The Financial Secretary may appoint, on such terms and conditions ashe thinks fit, persons to assist the Monetary Authority in the performanceof the functions of the Monetary Authority specified in subsection (2).(4) Notwithstanding subsection (2) (b) and (c), the Monetary Authority andpersons appointed to assist him under subsection (3) shall be regarded,for all purposes, as employed in connection with the purposes of the Fund.(5) In this section "functions" includes powers and duties.(Added 82 of 1992 s. 4)

5B. Delegation to Monetary Authority

(1) The Financial Secretary may delegate to the Monetary Authority thepowers and duties conferred or imposed on the Financial Secretary underthis Ordinance.(2) A delegation or a subdelegation under this section--(a) shall not preclude the Financial Secretary from exercising the poweror performing the duty;(b) may be conditional, qualified or limited as the Financial Secretarythinks fit;(c) may be to a person performing the functions of the Monetary Authorityfor the time being; and(d) may be amended by the Financial Secretary.(3) The Financial Secretary may include in a delegation underthis sectionpower to subdelegate the powers and duties delegated on such terms and tosuch person or to any person of a class or description, asmay bespecified by him.(Added 82 of 1992 s. 4)

6. Charges on Fund

There shall be charged to the Fund--(a) the emoluments payable to, and other staff costs relating to, thepersons employed in connection with the purposes of the Fund, includingthe investment thereof, and also including any appropriate share of suchemoluments or staff costs in respect of the services of public officers soemployed as part of their duties:Provided that the number of appointments and the emoluments of such staffhave been approved by the Financial Secretary; (Replaced 26 of 1983 s. 4)(aa) any expenses incurred in the issue and maintenance in circulation ofany coinage issued under or by virtue of The Hong Kong (Coinage) Orders1936 to 1978 (App. III, p. AA 1); and (Added 26 of 1983 s. 4)(b) any incidental expenditure whichthe Governor may approve as necessaryfor the due performance of the duties laid upon the Financial Secretaryand the Advisory Committee in connection with the operation of the fund.(Replaced 44 of 1936 S. 3. Amended 12 of 1946 s. 2; 20 of 1948 s. 4)

7. Audit of Fund

The accounts of all transactions of the Fund shall be audited at suchtimes and in such manner as the Governor may from time to time direct.(Amended 44 of 1936 s. 3; 26 of 1983 s. 5)

8. Transfer from the Fund

The Financial Secretary may from time to time, after consultation with theExchange Fund Advisory Committee and with the approval of the Secretary ofState, transfer from the Fund to the general revenue of the Colony or tosuch other funds of the Colony as may be authorized by the Secretary ofState any sum, or any part of any sum, in excess of the amount required tomaintain the assets of the Fund at 105 per cent of the total of--(a) the aggregateof the borrowings made under section 3 and for the timebeing outstanding; and(b) the aggregate of the face value of the certificates of indebtednessissued under section 4 and for the time being outstanding,and may for such purpose realize any of the assets of the Fund.(Added 6 of 1964 s. 2. Amended 31 of 1968 s. 3)[S. 4 (1)]

SCHEDULE HONGKONG EXCHANGE FUND ORDINANCE (Chapter 66)

Certificate of Indebtedness for $_________________________________________This certificate issued under the Exchange Fund Ordinance (Chapter 66)represents indebtedness of the Hong Kong Government withoutinterest to _____________________________________________________________

__________________________________________________________________________

for the amount of dollars ________________________________________________

__________________________________________________________________________

and is redeemable at any time at the option of the Financial Secretary atits face value or the equivalent in such foreign exchange and at such rateof exchange as may be determined by the Financial Secretary.This certificate may be held up to the above-mentioned amount as cover forbank notes lawfullyissued in Hong Kong.HONG KONG.

19 _____

___________________________Monetary Authority.(Replaced 26 of 1983 s. 6. Amended 16 of 1984 s. 4; 82 of 1992 s. 5)