HANS GENBERG is Executive Director, Research Department at the Hong Kong Monetary Authority (HKMA). He is also Director of the Hong Kong Institute for Monetary Research (HKIMR). He obtained his PhD degree in Economics from the University of Chicago. He had been working as a Professor in Economics at the Graduate Institute of International Studies since 1979. Prior to joining the HKMA and HKIMR in February 2005, he was the Head of the Economics Section of the Institute. He has also been a visiting scholar at the International Monetary Fund and the World Bank. He has published widely on issues related to monetary and exchange rate policy in a number of journals, including the Journal of Monetary Economics and the Journal of International Economics. He has a keen research interest in monetary and financial developments in East Asia CHO-HOI HUI is Head, Market Research Division of the Research Department, HKMA. He was previously a senior manager in the Banking Policy Department. Prior to joining the HKMA in 1997, he was a derivative analyst at Citibank. His research papers have appeared in a number of journals, including the Journal of Risk, Finance and Stochastics, the Journal of Fixed Income, and Quantitative Finance. He holds a BS in physics from the University of Wisconsin at Madison and a PhD in applied physics from Cornell University.