Hong Kong Dragon Lantern Debuts at OzAsia Festival in Adelaide Celebrating Cultural Exchange

New Hong Kong Dragon shines brightly at OzAsia Festival in Adelaide

Illuminated across the River Torrens of Adelaide, Australia, the spectacular 40-metre-long new Hong Kong Dragon Lantern is taking centre stage at the Moon Lantern Trail of the OzAsia Festival from October 24 to 27, showcasing Hong Kong's vibrant role as anEast-meets-West centre for international cultural exchange as well as celebrating the artistic synergy between Hong Kong and Australia.

The Hong Kong Economic and Trade Office, Sydney (Sydney ETO) is again supporting the OzAsia Festival with a view to promoting the unique arts and cultural scene in Hong Kong. This year, in collaboration with the organiser of the Festival, the Adelaide Festival Centre (AFC), Sydney ETO presented the new Hong Kong Dragon Lantern with a concept from a Hong Kong artist to foster arts and cultural exchanges between Hong Kong and Adelaide.

Addressing more than 200 guests at the OzAsia Festival Opening Night, the Director of the Sydney ETO, Mr Ricky Chong, said that 2024 marks the 15th year of partnership between Sydney ETO and theAFC. He is delighted towitnessthis milestone and celebrate the debut of the new Hong Kong Dragon Lantern.

"Sydney ETO treasures the opportunity for cultural exchanges between Hong Kong and Australia.Over the years, wehave supported numerous initiatives to help Hong Kongfulfilits role as anEast-meets-West centre for international cultural exchange undertheNational 14thFive-Year Plan, which includessupporting arts groups and delegations travelling betweenHong Kong and Australiatobring ourartcommunities closer together," Mr Chong said.

He also introduced the keymeasures announced in "The Chief Executive's 2024 Policy Address" for bolstering thecultural andcreativeindustries. "The West Kowloon Cultural District (WKCD), one of the largest arts and cultural projects in the world, provides over 20 professional venues capable of hosting a wide range of events. With a view to branding the WKCD as a must-visit landmark for cultural and creative tourism, the Government will roll out more special-experience activities and step up worldwide promotions in collaboration with the Hong Kong Tourism Board to bring in more tourists," Mr Chong added.

Mr Chong also shared with the participants the latest initiatives in the Policy Address to attract top-notch talent to Hong Kong, including updating the Talent List, expanding the list of universities under the Top Talent Pass Scheme and extending the validity period of the first visa of high-income talent under the scheme to three years.

Held annually over three weeks (October 24 to November 10) in spring in the southern hemisphere, the OzAsia Festival is Australia's leading contemporary arts festival that engages with Asia. This year's festival showcases various forms of arts and culture, including theatre, dance, music, visual arts, literature, cuisine and cultural events from across Asia. The vibrant line-up features over 300 artists from Australia and abroad including Hong Kong, with seven world premieres to be staged.

New Hong Kong Dragon shines brightly at OzAsia Festival in Adelaide Source: HKSAR Government Press Releases

New Hong Kong Dragon shines brightly at OzAsia Festival in Adelaide Source: HKSAR Government Press Releases

New Hong Kong Dragon shines brightly at OzAsia Festival in Adelaide Source: HKSAR Government Press Releases

New Hong Kong Dragon shines brightly at OzAsia Festival in Adelaide Source: HKSAR Government Press Releases

New Hong Kong Dragon shines brightly at OzAsia Festival in Adelaide Source: HKSAR Government Press Releases

HKMA designates Primary Liquidity Providers and expands Scheme

The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Monetary Authority (HKMA) announced today (October 25) the designation of eleven banks as Primary Liquidity Providers (PLPs) for offshore renminbi (RMB) market in Hong Kong (i.e. CNH market) for a two-year term, with effect from October 27, 2024 following the expiry of the current term, and the increase in the total amount of RMB liquidity available in the PLP Scheme.

The eleven PLPs are:

Agricultural Bank of China Limited

Bank of China (Hong Kong) Limited

Bank of Communications Co., Ltd.

BNP Paribas

China CITIC Bank International Limited

China Construction Bank (Asia) Corporation Limited

Citibank, N.A.

Hang Seng Bank, Limited

Hongkong and Shanghai Banking Corporation Limited, The

Industrial and Commercial Bank of China (Asia) Limited

Standard Chartered Bank (Hong Kong) Limited

The PLPs were selected among the current PLPs and the contributing banks for CNH HIBOR fixing, and are all active participants in the CNH market. The selection was based on a range of criteria, including the institution's capability in providing CNH funding and making market for CNH instruments, and commitment to using Hong Kong as a global hub for offshore RMB business. As the result of the designations, the total RMB repo facility dedicated to all PLPs will increase from RMB18 billion to RMB20 billion. The expansion of the PLP Scheme will enhance offshore RMB liquidity and is conducive to the continuing development of Hong Kong as the offshore RMB business hub.

The HKMA regularly reviews the operation of the scheme and the performance of PLPs and consider the need for refinements, including the number of PLPs and the size of the repo facility.