The Hong Kong Monetary Authority is Hong Kong's central banking institution, formed on April 1, 1993 through the merger of the Office of the Exchange Fund and the Office of the Commissioner of Banking, and headquartered in the International Finance Centre in Central. Operating under the Exchange Fund Ordinance, its principal objective is maintaining the stability of the Hong Kong dollar and the wider banking system, which it pursues through a linked exchange rate system tying the currency to the United States dollar rather than through the interest-rate tools of a conventional central bank; the Authority's chief executive reports directly to Hong Kong's Financial Secretary.
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