Chief Executive in Council approves transfer of $150 billion from Exchange Fund to Capital Works Reserve Fund
The Government announced today (April 14) that the Chief Executive in Council has approved, in accordance with Section 8 of the Exchange Fund Ordinance (EFO), that $150 billion will be transferred from the Exchange Fund to the Capital Works Reserve Fund (CWRF) of the Government. This transfer will be made through a designated account under The Financial Secretary Incorporated, with $75 billion per annum credited to the account of the CWRF in 2026-27 and 2027-28 respectively. The Government will implement the relevant arrangement after the passage of the Appropriation Bill 2026 by the Legislative Council.
A Government spokesman said that Section 8 of the EFO sets out the mechanism that empowers the Financial Secretary (FS) to transfer from the Exchange Fund, with the principal condition that the FS is satisfied that such a transfer would not adversely affect the Exchange Fund's main function to maintain the stability of the exchange value of the Hong Kong dollar, as well as the stability and integrity of the local monetary and financial systems.
The Exchange Fund achieved a recordbreaking performance last year, delivering an investment income of $330billion. As at the end of last year, the total value of assets under the Exchange Fund exceeded $4.1trillion, which would suffice to maintain monetary and financial stability in Hong Kong. As such, in the 2026-27 Budget, on the premise that the Exchange Fund's function to maintain the stability and integrity of the local monetary and financial systems will not be compromised, the FS proposed transferring $150 billion from the Exchange Fund to the CWRF of the Government over two years in support of the Northern Metropolis and other infrastructure projects.
The Government spokesman emphasised that the transfer is an exceptional arrangement and not a recurring measure, and all funds will be used for infrastructure projects for long-term investment with a view to accelerating and increasing development capacity rather than for the Government's operating expenditure. The Government has consulted the Exchange Fund Advisory Committee earlier on the proposed transfer and secured its support.
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LCSD to present classical music lecture series "Paganini 24 Caprices" and "Romantic Piano Concertos"
The Leisure and Cultural Services Department will present two classical music lecture series from May to July, hosted by seasoned music practitioner Jimmy Shiu. Through appreciating the "24 Caprices" for solo violin by early Romantic period musician and Italian violin virtuoso Niccolò Paganini, alongside a selection of Romantic piano concertos, the lectures will explore the pursuit of virtuosity among musicians and the musical ingenuity embedded in these works.
The first series, "Paganini 24 Caprices", comprises four lectures. In addition to an overview of Paganini's life and musical style, the series will delve into his virtuosic masterpiece, "24 Caprices" - a work revered as a cornerstone of the violin repertoire and regarded as a precursor to 19th-century Romanticism. Each lecture will examine the technical demands of individual caprices, with violinist Wang Liang to present live demonstrations of the complete set. Excerpts will be performed at varied tempos and with different interpretive approaches, offering audiences deeper insights into the musical imagination contained in the entire work.
The second series, "Romantic Piano Concertos", consists of six lectures. Beyond examining the Romantic musicians' pursuit of virtuosity in piano concertos, the series will guide audiences to appreciate representative works composed between 1810 and 1940. It will also provide an overview of the development of the piano concerto, its general framework and new features introduced during the Romantic period, while also touching upon the development of the piano, orchestra and concert hall in the 19th century, and the rise of piano virtuosi as public figures.
Details of each lecture are as follows:
Classical Music Lecture Series 1: "Paganini 24 Caprices"
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Lecture 1
Date: May 20 (Wednesday)
Compositions: "24 Caprices": Nos. 1 - 6
Lecture 2
Date: May 27 (Wednesday)
Compositions: "24 Caprices": Nos. 7 - 12
Lecture 3
Date: June 3 (Wednesday)
Compositions: "24 Caprices": Nos. 13 - 18
Lecture 4
Date: June 10 (Wednesday)
Compositions: "24 Caprices": Nos. 19 - 24
Classical Music Lecture Series 2: "Romantic Piano Concertos"
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Lecture 1: Introduction and the Early Romantics
Date: June 17 (Wednesday)
Compositions: Beethoven's "Piano Concerto No. 5 in E-flat, 'Emperor'" and Mendelssohn's "Piano Concerto No. 1 in G minor"
Lecture 2: Two Charismatic Pianists
Date: June 24 (Wednesday)
Compositions: Chopin's "Piano Concerto No. 1 in E minor" and Liszt's "Piano Concerto No. 1 in E-flat"
Lecture 3: The Two A minor Concertos
Date: July 8 (Wednesday)
Compositions: Schumann's "Piano Concerto in A minor" and Grieg's "Piano Concerto in A minor"
Lecture 4: Two Symphonic Concertos
Date: July 15 (Wednesday)
Compositions: Brahms' "Piano Concerto No. 1 in D minor" and "Piano Concerto No. 2 in B-flat"
Lecture 5: Bravura East and West!
Date: July 22 (Wednesday)
Compositions: Tchaikovsky's "Piano Concerto No. 1 in B-flat minor" and Saint-Saens' "Piano Concerto No. 2 in G minor"
Lecture 6: Romantic of the 20th Century
Date: July 29 (Wednesday)
Compositions: Rachmaninov's "Piano Concerto No. 2 in C minor" and "Rhapsody on a Theme of Paganini"
Shiu graduated from the Hong Kong Baptist College, where he majored in Composition. He then pursued further studies at the University of Sheffield, the United Kingdom, where he earned a double Master's degree in Composition and Vocal Performance. He has been invited to give lectures and serve as master of ceremonies at concerts, and is also an arranger and choral conductor. Shiu has published several works related to music appreciation, and recently served as the writer of Hong Kong Philharmonic Orchestra's 50th anniversary publication.
Wang is currently the second associate concertmaster of the Hong Kong Philharmonic Orchestra. He has served as soloist and leader at the Young Musicians European Orchestra's summer festival in Italy and Music in the Summer Air in Shanghai. He currently teaches at both the Hong Kong Academy for Performing Arts and Hong Kong Baptist University, and serves as visiting professor at Shenyang Conservatory of Music.
All lectures will be conducted in Cantonese and will start at 7.30pm at the Lecture Hall of the Hong Kong Space Museum. Each lecture will run for about one hour and 30 minutes. Tickets of "Paganini 24 Caprices" priced at $120, and "Romantic Piano Concertos" priced at $80 (for each lecture, with free seating), are now available at URBTIX (www.urbtix.hk). For telephone bookings, please call 3166 1288. For programme enquiries, please call 2268 7321 or visit www.lcsd.gov.hk/CE/CulturalService/Programme/en/music/programs_1950.html.
