Bank Indonesia, Hong Kong Monetary Authority and People's Bank of China sign MOU to promote bilateral transactions in Indonesian Rupiah and offshore Chinese Renminbi between Indonesia and Hong Kong
The following is issued on behalf of the Hong Kong Monetary Authority:
Bank Indonesia (BI), the Hong Kong Monetary Authority (HKMA) and the People's Bank of China today (June 11) signed a Memorandum of Understanding (MOU) to establish a cooperation framework aimed at promoting bilateral transactions in Indonesian Rupiah (IDR) and offshore Chinese Renminbi (CNH) between Indonesia and Hong Kong.
Under the MOU, a bilateral currency transaction framework will be implemented to facilitate the direct exchange and settlement of IDR and CNH in cross-border trade and investment activities amongst corporates and institutions in Indonesia and Hong Kong. This initiative is designed to enhance the efficiency of cross-border transactions, while promoting greater use of regional currencies.
BI and the HKMA will lead the preparatory work for the bilateral currency transaction framework, including the development of comprehensive Operational Guidelines. The two authorities will also identify and appoint selected banks in Indonesia and Hong Kong as Appointed Cross Currency Dealers to participate in the framework.
Further details on operational procedures, timelines and participating banks are expected to be announced later this year.
The Chief Executive of the HKMA, Mr Eddie Yue,said, "The signing of this MOU marks an important step in deepening monetary and financial cooperation among the three authorities. Introducing the bilateral currency transaction framework for Hong Kong and Indonesia also marks a major breakthrough in promoting regional currency and Renminbi use, and highlights Hong Kong's value proposition as the offshore Renminbi hub."
The Governor of the People's Bank of China, Mr Pan Gongsheng (centre), the Governor of Bank Indonesia, Mr Perry Warjiyo (left) and the Chief Executive of the Hong Kong Monetary Authority, Mr Eddie Yue (right) sign a Memorandum of Understanding to promote bilateral transactions in Indonesian Rupiah and offshore Chinese Renminbi between Indonesia and Hong Kong. Source: HKSAR Government Press Releases
Employers, contractors and employees should be aware of electrical safety at work during rainstorms
As the rainstorm warning has been issued by the Hong Kong Observatory, the Labour Department (LD) reminds employers and contractors that they should adopt necessary work arrangements and take suitable safety measures to protect the safety of their employees when they are carrying out electrical work or handling electrical plant.
A spokesman for the LD said today (June 18) that employers and contractors should avoid assigning employees to carry out electrical work (such as electric arc welding work) or handle electrical plant at places affected by rainstorms, and should refer to the "Code of Practice in Times of Adverse Weather and 'Extreme Conditions'" and the "Guide on Safety at Work in times of Inclement Weather" issued by the LD.
Even if electrical work is carried out or electrical plant is handled at places not affected by a rainstorm, suitable safety measures must still be adopted to prevent an electric shock as the air would be more humid. Such measures include:
(i) Ensure that all live parts of an electrical installation are isolated from the power supply source and rendered dead, and the isolation from the power supply source must be maintained as long as electrical work is being carried out;
(ii) Before carrying out any electrical work or handling any electrical plant, cut off and lock out the power supply source, then test the circuit concerned to confirm that it is dead and display suitable warning notices, and issue a work permit thereafter;
(iii) Ensure that protective devices (such as suitable and adequate fuses and circuit breakers) for the electrical installations or electrical plant have been installed and maintained in good working order, and portable electric tools must be double-insulated or properly earthed;
(iv) Provide suitable personal protective equipment such as insulating gloves and insulating mats for employees; and
(v) If live electrical work is unavoidable, a comprehensive risk assessment should be conducted by a competent person and the appropriate safety precautions should be taken to remove or properly control the electrical hazards involved before such work can proceed.
In addition, employees should co-operate with the employer or contractor to follow the safety instructions and use the safety equipment provided.
The LD has published guidebooks and leaflets on electrical work safety. These safety publications are available free from divisional offices of the department or can be downloaded from its website (www.labour.gov.hk/eng/public/content2_8.htm).
Should there be any questions about occupational safety and health matters, please contact the Occupational Safety Officer of the LD at 2559 2297.
Source: AI-found images
