3李志文金融危 机中.pptVIP

* Under normal circumstances, the HKMA leave the foreign exchange market very much alone. If there is risk of instability in the exchange rate, the HKMA should , as in the past and at undisclosed levels around 7.80, establish its passive presence in the foreign exchange market in accordance with the discipline of the currency board system. There is a surprise or “constructive ambiguity?element that helps deter speculation. * * * * In accordance with the discipline of the currency board system, the clearing balance will be affected by the flow of funds into or out of HK$. When there is an infl