Hong Kong Customs conducts interdepartmental anti-illicit cigarette publicity campaigns in Tai Po
Hong Kong Customs today (July 15) conducted joint anti-illicit cigarette publicity campaigns with members of the District Council, the Tobacco and Alcohol Control Office (TACO) of the Department of Health, the Hong Kong Police Force and the Housing Department (HD) at Tai Yuen Estate and Fu Heng Estate in Tai Po. Customs also publicised the Duty Stamp System.
Customs officers patrolled the housing estates, introduced to residents Customs' enforcement actions against illicit cigarettes, and reminded them that the maximum penalty for offences related to duty-not-paid cigarettes had been increased to a fine of $2 million and seven-years' imprisonment. Customs also explained to estate security personnel how to deal with suspected illicit cigarette activities.
Customs officers also introduced to the members of the District Council, residents and cigarette retailers the Duty Stamp System to be implemented in Hong Kong. The three-month Pilot Run for the Duty Stamp System launched by Customs concluded early this year. The department will continue to maintain close communication with all stakeholders and optimise the design and implementation details of the system. Customs expects the Duty Stamp System to achieve the ultimate goal of effective distinguishing of duty-paid cigarettes from duty-not-paid ones, and to combat "cheap whites".
Customs will continue to strengthen publicity and education to raise the public awareness of anti-illicit cigarettes. If public rental housing units are found to be involved in illicit cigarette crimes, Customs will notify the HD for follow-up action after the conclusion of court proceedings. Customs reminds members of the public not to buy or sell illicit cigarettes or distribute illicit cigarette leaflets to avoid creating a criminal record that could affect their future.
Under the Dutiable Commodities Ordinance (Cap. 109), anyone involved in dealing with, possession of, selling or buying illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $2 million and imprisonment for seven years. Members of the public are urged to report any suspected illicit cigarette activities to Customs' 24-hour hotline 182 8080, its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).
In accordance with the Smoking (Public Health) Ordinance (Cap. 371), no person shall distribute any smoking product advertisement (including any promotional leaflet). Any person who contravenes the regulation is liable to a maximum fine of $50,000. Members of the public are also urged to report any suspected activities of illicit cigarette leaflet distribution to TACO's hotline 2961 8823.
Hong Kong Customs today (July 15) conducted joint anti-illicit cigarette publicity campaigns with members of the District Council, the Tobacco and Alcohol Control Office of the Department of Health, the Hong Kong Police Force and the Housing Department at Tai Yuen Estate and Fu Heng Estate in Tai Po. Customs also publicised the Duty Stamp System. Photo shows Customs Officers promoting anti-illicit cigarette messages and introducing the Duty Stamp System to a cigarette retailer. Source: HKSAR Government Press Releases
Hong Kong Customs today (July 15) conducted joint anti-illicit cigarette publicity campaigns with members of the District Council, the Tobacco and Alcohol Control Office of the Department of Health, the Hong Kong Police Force and the Housing Department at Tai Yuen Estate and Fu Heng Estate in Tai Po. Customs also publicised the Duty Stamp System. Photo shows a Customs officer and members of the District Council explaining to an estate security guard how to deal with suspected illicit cigarette activities. Source: HKSAR Government Press Releases
Hong Kong Customs today (July 15) conducted joint anti-illicit cigarette publicity campaigns with members of the District Council, the Tobacco and Alcohol Control Office of the Department of Health, the Hong Kong Police Force and the Housing Department at Tai Yuen Estate and Fu Heng Estate in Tai Po. Customs also publicised the Duty Stamp System. Source: HKSAR Government Press Releases
Record of discussion of meeting of Exchange Fund Advisory Committee Currency Board Sub-Committee held on July 2
The following is issued on behalf of the Hong Kong Monetary Authority:
(Approved for Issue by the Exchange Fund Advisory Committee on July 15, 2026)
Report on Currency Board Operations (April 23 - June 22, 2026)
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The Currency Board Sub-Committee (Sub-Committee) noted that the Hong Kong dollar (HKD) traded within a range of 7.8289 - 7.8397 against the US dollar (USD) during the review period. The HKD remained broadly stable, with fluctuations largely driven by flows related to Southbound Stock Connect and other capital market activities. While HKD interbank rates (HIBORs) generally tracked their USD counterparts under the Linked Exchange Rate System, they were also influenced by the local supply and demand of HKD funding. The overnight HIBOR recorded occasional upticks, reflecting month-end and capital market-related funding demands, while HIBORs at longer tenors increased modestly during the reporting period. The Convertibility Undertakings were not triggered and the Aggregate Balance was stable at around HK$54 billion. No abnormality was noted in the usage of the Discount Window. Overall, the HKD exchange and interbank markets continued to trade in a smooth and orderly manner.
The Sub-Committee noted that the Monetary Base increased to HK$2,072.94 billion at the end of the review period. In accordance with the Currency Board principles, all changes in the Monetary Base had been fully matched by changes in foreign reserves.
The Report on Currency Board Operations for the review period is atAnnex.
Monitoring of Risks and Vulnerabilities
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The Sub-Committee noted that in the US, the economy had sustained its growth momentum, supported by robust artificial intelligence (AI) capital expenditure and resilient consumption. However, the energy-related inflation driven by the prolonged Middle East conflict, coupled with a stronger-than-expected labour market, had reignited concerns about potential Federal Reserve rate hikes. Meanwhile, growing fiscal sustainability concerns had led to a surge in long-end yields, adding further pressure on the fiscal position down the road.
The Sub-Committee noted that in Asia-Pacific, regional economies showed solid growth in Q1 despite the Middle East conflict, partly due to robust AI-driven exports. Yet, the energy shock had boosted regional inflation, which together with the downward pressures on some regional currencies, prompted several regional central banks to raise their policy rates significantly.
The Sub-Committee noted that in the Chinese Mainland, despite strong AI-driven external trade, overall economic growth moderated and key domestic activities missed expectations in April and May. The housing market remained generally soft, but top-tier cities performed relatively better. Although producer price inflation rose notably amid the global energy shocks, consumer price inflation remained subdued. Overall, risks to Q2 economic growth were tilted to the downside.
The Sub-Committee noted that in Hong Kong, economic growth accelerated in Q1, driven by broad-based strengthening in both domestic and external demand, with the momentum continuing into Q2. Inflation picked up but stayed in check, while the labour market remained broadly stable. Meanwhile, the housing market maintained its upward momentum, supported by positive market sentiment. The commercial real estate markets remained under pressure, though there were some signs of improvement in the Grade A offices in prime districts. Looking ahead, the economy was expected to remain resilient, although the outlook remained subject to downside risks stemming from the Middle East conflict, the sustainability of the AI investment boom, evolving global trade policies and the US policy rate path.
Fast Interface for New Issuance (FINI) and the HKD Interbank Market During Initial Public Offerings (IPOs)
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The Sub-Committee noted a paper that examined how FINI helped reduce IPO-related interbank fund transfers and moderate short-term HIBOR fluctuations.
Source: AI-found images
