The Hong Kong Monetary Authority (HKMA) is the government authority responsible for maintaining monetary and banking stability in Hong Kong. Established in 1993, it manages the Hong Kong dollar and oversees the banking system to ensure its safety and soundness. The HKMA also plays a key role in managing the city's foreign exchange reserves. In addition to its monetary functions, the HKMA promotes the development of the financial sector and implements policies to enhance the overall financial stability of Hong Kong. It works closely with other regulatory bodies to ensure a robust financial environment for businesses and consumers alike.