HKMA to buy office space rather than rent

HONG KONG - Hong Kong's quasi central bank on Mar 29, 2001 defended a plan to buy 14 floors in a building in the city's center for its new offices, saying the move will be cheaper than to continue renting.

Hong Kong Monetary Authority Deputy Chief Executive David Carse was quizzed in the Legislative Council on the HKMA's plan to use Exchange Fund money to fund the purchase.

The Exchange Fund, which comes under the control of the city's financial secretary, is used primarily to "affect, either d

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