摘要
本文基于香港金管局发布的年报、半年报、季度报和新闻稿研究联系汇率制度在实践中的完善与改进,考察汇率制度历年的运行状况,探讨香港金管局对外汇市场的干预策略与特点。研究表明,香港金管局不断适时微调联系汇率制度,并辅以技术改进,以提高制度的运作效率;在严重的金融危机中,香港金管局始终坚守承诺,果敢出手干预,赢得了市场的信任。在利率正常时期,香港金管局通过总结余—市场利率—港元汇率来干预外汇市场;当利率处于超低水平时,香港金管局通过扩大交易规模来影响汇率变化。
Based on the annual reports, half-year reports, quarterly reports and press releases by HKMA, the paper purports to investigate improvements and refinemcnts, functioning of Hong Kong linked exchange rate regime over the past thirty years, and features of intervention strategies employed by HKMA to maintain curren- cy stability. Our findings show that HKMA has bettered the rate regime by making timely adjustments and tech- nical refinements to improve its operational efficiency, and that during the severe financial crises HKMA made a solemn commitment to the regime and intervened extensively in the foreign exchange market, thereby earning the trust of the market. When the interest rates were normal, HKMA bought or sold Hong Kong dollars to change the aggregate balance of licensed banks kept with HKMA, which caused changes in the interbank lending rates, which in turn exercised upward or downward pressures on USD/HKI） rates. When the interest rates were exceptionally low, HKMA bought or sold HK dollars extensively to honor its undertakings.
出处
《亚太经济》
CSSCI
北大核心
2013年第1期143-148,共6页
Asia-Pacific Economic Review
