HKCEE Macroeconomics n Chapter 3 Banking and Financial

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HKCEE Macroeconomics n Chapter 3: Banking and Financial Systems By Mr. LAU san-fat CH HKCEE Macroeconomics n Chapter 3: Banking and Financial Systems By Mr. LAU san-fat CH 3 -Banking & Financial Systems 1

Function & Types of Banks n n Banks act as financial intermediaries that accept Function & Types of Banks n n Banks act as financial intermediaries that accept deposits and channel them into productive investment. Types of banks n n n Central bank Commercial banks Merchant banks By Mr. LAU san-fat CH 3 -Banking & Financial Systems 2

Functions of a Central Bank 1. 2. 3. 4. 5. 6. Issuing note Acting Functions of a Central Bank 1. 2. 3. 4. 5. 6. Issuing note Acting as the lender of last resort Acting as the government banker Acting as a clearing house Supervising private banking activities Carrying out monetary policies 1. via varying the discount rate By Mr. LAU san-fat CH 3 -Banking & Financial Systems 3

Central Bank Functions in HK n Lender of last resort n n The Exchange Central Bank Functions in HK n Lender of last resort n n The Exchange Fund/HK Monetary Authority Note-issuing n The Hong Kong and Shanghai Banking Corporation Ltd. , the Standard Chartered Bank, the Bank of China, and the Hong Kong Monetary Authority. By Mr. LAU san-fat CH 3 -Banking & Financial Systems 4

Central Bank Functions in HK n Government bank n n The Hong Kong and Central Bank Functions in HK n Government bank n n The Hong Kong and Shanghai Banking Corporation Ltd. & the Bank of China The Treasury The Hong Kong Monetary Authority Bank of central clearance n The Hong Kong Interbank Clearing Ltd. By Mr. LAU san-fat CH 3 -Banking & Financial Systems 5

Central Bank Functions in HK n Banking supervision n n The Hong Kong Monetary Central Bank Functions in HK n Banking supervision n n The Hong Kong Monetary Authority Execution of monetary policies n n Since the abolition of the interest rate agreement among banks, monetary policies in HK are restricted. The HK Monetary Authority could mainly aim at stabilizing the exchange rate & maintaining the linked exchange rate system. By Mr. LAU san-fat CH 3 -Banking & Financial Systems 6

Services of Commercial Banks 1. Taking deposits 1. Demand deposits, savings deposits, time deposits Services of Commercial Banks 1. Taking deposits 1. Demand deposits, savings deposits, time deposits & negotiable certificates of deposits 2. Granting loans 1. Fixed loans and overdraft 3. Financing imports or export trade 1. By issuing letters of credit (L/C) & discounting bills of exchange By Mr. LAU san-fat CH 3 -Banking & Financial Systems 7

Services of Commercial Banks 4. Other services 1. Issuing gift cheques and cashier’s order Services of Commercial Banks 4. Other services 1. Issuing gift cheques and cashier’s order or bank draft 2. Providing credit cards & mortgage 3. Providing ATM machines services 4. Sending remittance overseas 5. Dealing in foreign currencies, gold & shares 6. Offering insurance services By Mr. LAU san-fat CH 3 -Banking & Financial Systems 8

Services of Merchant Banks 1. Taking large-amount deposits from companies & investors 2. Providing Services of Merchant Banks 1. Taking large-amount deposits from companies & investors 2. Providing financial advisory service to companies 3. Underwriting new shares after inviting public subscription 4. Providing (retirement) fund management services 5. Arranging syndicated loans By Mr. LAU san-fat CH 3 -Banking & Financial Systems 9

The Three-tier System of Deposit-taking Institutions 1. Licensed banks (lb) 1. Examples: the Hong The Three-tier System of Deposit-taking Institutions 1. Licensed banks (lb) 1. Examples: the Hong Kong and Shanghai Banking Corporation Ltd. , and the Standard Chartered Bank 2. Restricted licensed banks (rlb) 1. Example: the Citicorp International Ltd. 3. Deposit-taking companies (dtc) 1. The JCG Finance Company Ltd. By Mr. LAU san-fat CH 3 -Banking & Financial Systems 10

The Three-tier System of Deposit-taking Institutions LB Min. paid-up $150 capital million Types of The Three-tier System of Deposit-taking Institutions LB Min. paid-up $150 capital million Types of All types deposits Min. amount Any of deposits amount Maturity of Any deposit maturity By Mr. LAU san-fat RLB $100 million DTC $25 million Time deposits & NCDs $500 000 $100 000 Any maturity CH 3 -Banking & Financial Systems Min. 3 months 11

Financial Markets in HK 1. Major financial markets: 1. 2. 3. 4. 5. The Financial Markets in HK 1. Major financial markets: 1. 2. 3. 4. 5. The The The Money Market (short-term liquid assets) Capital Market (shares & bonds) Foreign Exchange Market Futures Market Gold Market 2. It is supervised by the Securities and Futures Commission of Hong Kong with the Securities and Futures Ordinance. By Mr. LAU san-fat CH 3 -Banking & Financial Systems 12

Factors Turning HK into an International Financial Centre 1. 2. 3. 4. 5. 6. Factors Turning HK into an International Financial Centre 1. 2. 3. 4. 5. 6. Favourable geographical position Favourable time zone location Well-developed financial services Advanced telecommunications facilities Absence of exchange control Favourable government policies (laissezfaire policy & low tax rates) 7. Increasing economic links with the Mainland By Mr. LAU san-fat CH 3 -Banking & Financial Systems 13

Contributions of a Financial Centre to HK Economy 1. Speeding up economic growth 2. Contributions of a Financial Centre to HK Economy 1. Speeding up economic growth 2. Increasing economic links with the rest of the world 3. Increasing employment opportunities By Mr. LAU san-fat CH 3 -Banking & Financial Systems 14




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