The Hong Kong Monetary Authority (HKMA) is the de facto central bank of the Hong Kong Special Administrative Region of The People’s Republic of China (HKSAR). Headed by a chief executive, the authority attends to the same responsibilities as those of other central banks, including maintaining the stability of the currency, managing interest rates and setting monetary policy. The HKMA is mandated by the Exchange Fund Ordinance to assist the Financial Secretary and also to act as the primary regulator and supervisor of the financial system in the HKSAR. It issues and enforces directives and guidance on the fight against money laundering and terrorism financing but also ensures the banking system is stable and fortified against potential instability.