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You have to break residency in the USA before you can claim the exclusion. You have to pass one of 2 "tests":

1. bona fide resident - You meet the bona fide residence test if you are a bona fide resident of a foreign country or countries for an uninterrupted period that includes an entire tax year

OR///

2. physical presence - You meet the physical presence test if you are physically present in a foreign country or countries 330 full days during a period of 12 consecutive months. The 330 days do not have to be consecutive

If you pass one of these 2 tests you are eligible for the exclusion. Based on your transfer date, doesn't sound like you will qualify until '07 tax year.

By the way I just read that the exclusion will be increased to $82,400 for 2006 tax year and will increase again in '07. So, for example, if you qualified for '06 this means 1st $82,400K of your income would not be taxed by the USA (Note/ you would still have to pay tax in HK of course). If you earned $100K, 1st $82,400K would be exempt from USA tax, while remainder $17,600K would be taxed in USA. If you earned less than $82,400K you wouldn't have to pay any tax in USA (but you would still have to file!)

You might want to read this publication (that is, if you can force your way through it without passing out):
http://www.irs.gov/publications/p54/index.html
Publication 54 (2005), Tax Guide for U.S. Citizens and Resident Aliens Abroad

Alternatively, about.com has a smaller write-up which is easier for the average person to understand and read:
http://taxes.about.com/od/taxhelp/a/ForeignIncome.htm