Tsang fights for Exchange Fund independence

HONG KONG - Financial Secretary Donald Tsang has rejected the Democratic Party's request to freeze a Hong Kong Monetary Authority plan to spend HK$4 billion from the Exchange Fund on new offices.

The request came as the Democratic Party fears buying the property - 14 floors in the 88-storey Two International Finance Centre - might result in investment losses for the Exchange Fund.

However, in a strongly worded letter to the Legco Panel on Financial Affairs, Mr Tsang said he was determined to keep

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