HKMA's response to media enquiries
The following is issued on behalf of the Hong Kong Monetary Authority:
In response to media enquiries regarding triggering of the weak-side Convertibility Undertaking under the Linked Exchange Rate System, the Hong Kong Monetary Authority has the following responses:
The weak-side Convertibility Undertaking (CU) of HK$7.85 to US$1 under the Linked Exchange Rate System (LERS) was triggered during the New York trading hours earlier this morning. The HKMA sold US dollars (USD) for Hong Kong dollars (HKD) of HK$9.42 billion upon the request of banks. The Aggregate Balance will reduce to HK$164.1 billion on June 27. The weak-side CU was last triggered in May 2023.
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The Chief Executive of the HKMA, Mr Eddie Yue,stated, "The strong-side CU was triggered several times in early May, resulting in total inflows of HK$129.4 billion. The subsequent abundance of liquidity in the HKD market led to a decline in HKD interbank rates, and the widened HKD-USD interest rate differential incentivised carry trade activities that sold HKD for USD, causing the HKD exchange rate to weaken. Furthermore, market demand for HKD declined recently due to a combination of factors, including the peaking of the stock dividend payout season, the currency conversion of HKD proceeds raised from recent IPOs or bond issuances by non-local companies for repatriation, as well as the wrapping up of the seasonal half-year-end funding preparation. These factors collectively led to the triggering of the weak-side CU, which is in line with the operation of the LERS.
"The public should exercise caution in managing their interest rate risks and market risks. Depending on the direction of capital flows and the supply-demand conditions for HKD, the weak-side CU may be triggered again in the future. As the Aggregate Balance declines, HKD interbank rates may increase, which is consistent with the design of the LERS. The HKMA will continue to closely monitor market developments and the external environment to ensure the orderly operation of the Hong Kong dollar markets," he added.
Integration of Hospital Dental Service of Department of Health into Hospital Authority
The Department of Health (DH) and the Hospital Authority (HA) today (December 15) announced that the Hospital Dental Service (HDS) currently provided by the DH will be integrated with the Oral and Maxillofacial Surgery (OMS) Service under the HA from February 6, 2026, and the service will be taken up by the HA.
As outlined in "The Chief Executive's 2024 Policy Address", a comprehensive review of the positioning and objectives of the healthcare system is under way, involving reforms of the functions and division of responsibilities among the HA, the DH and the Primary Healthcare Commission (PHC Commission). The DH will focus on its public health functions and executing its regulatory and enforcement roles. To implement this policy direction, the clinical services of the DH are being gradually integrated with either the HA or the PHC Commission.
Following the earlier transfer of the DH's Clinical Genetic Service to the HA, the DH's HDS will be managed by the HA startingFebruary 6next year. In fact, the seven Oral Maxillofacial Surgery and Dental Clinics (OMS&DCs) under the DH's HDS are all located within the following HA public hospitals, primarily providing specialist oral maxillofacial surgery and dental treatment for hospital in-patients, patients with special oral healthcare needs, and dental emergencies:
- Pamela Youde Nethersole Eastern Hospital;
- Queen Elizabeth Hospital;
- Princess Margaret Hospital;
- Prince of Wales Hospital; and
These clinics will continue to operate at the original sites and integrate with the existing OMS service in six public hospitals provided by the HA. This will help further streamline and optimise the overall service delivery.
To ensure continuity in patient care upon the transfer of service, all scheduled/follow-up appointment records for patients at the aforementioned seven OMS&DCs for dates on or afterFebruary 6, 2026, along with the cases and relevant medical records stored at these clinics, including clinical records, X-ray records, clinical photos, and dental casts, will be transferred to the HA. If patients/family members do not agree to have their cases and relevant medical records transferred to the HA, they should contact the DH by phone at3153 4044or by email (hds_enquiry@dh.gov.hk)on or beforeJanuary 16, 2026, to facilitate the necessary arrangements.
Patients who opt out of the arrangements should note that their follow-up appointments scheduled on or afterFebruary 6next year will be cancelled. Should they require future consultations at the HA's dental and OMS services, a new referral letter will be required for appointments, and new case consultation fees will be charged according to the HA's arrangements. Medical records that patients/family members refuse to transfer to the HA will be disposed of and destroyed by the DH in accordance with its record management policy after the service transfer. For enquiries about the arrangements, please contact the DH.
The Department of Health
