Tsang fights for Exchange Fund independence

HONG KONG - Financial Secretary Donald Tsang has rejected the Democratic Party's request to freeze a Hong Kong Monetary Authority plan to spend HK$4 billion from the Exchange Fund on new offices.

The request came as the Democratic Party fears buying the property - 14 floors in the 88-storey Two International Finance Centre - might result in investment losses for the Exchange Fund.

However, in a strongly worded letter to the Legco Panel on Financial Affairs, Mr Tsang said he was determined to keep

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Geoeconomic reserve management

The world order is evolving. Whether, and how, the international economy remains integrated or shifts into spheres of influence has consequences for central bank policy and reserve management.

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