The Hong Kong Monetary Authority (HKMA) is the central banking institution of Hong Kong, established on April 1, 1993. It was formed through the merger of the Office of the Exchange Fund and the Office of the Commissioner of Banking. The HKMA operates under the governance of the Financial Secretary and is accountable to the public through various legal frameworks. The HKMA has several key functions, including maintaining currency stability through the Linked Exchange Rate System, promoting the stability of the financial system, and supporting Hong Kong's status as an international financial center. It manages the Exchange Fund and oversees a three-tier banking system, which includes licensed banks, restricted license banks, and deposit-taking companies. The authority also provides regulatory oversight, develops financial infrastructure, manages the Hong Kong dollar, and issues research and publications on financial stability and economic conditions.