摘要
在内地和香港两地经济金融快速融合的大趋势下,香港货币制度的运作环境发生了深刻变化,近期联系汇率制度面临两个新的问题,一是货币局制度套息机制弱化,二是港元在一定程度上担当人民币资产替代货币的角色。为了理顺香港货币制度的资金利率关系,金管局目前推出了三项优化措施,其政策目标旨在恢复联汇制套息功能和保持港元的独立性。短期看,新措施成效立竿见影,但政策目标能否达到仍有待考验。新措施安排带给联汇制本身以及货币运作的影响,也需要在新措施的实践中进一步观察。
In line with the mega-trend of economic and financial integration between Hang Kong and China's Mainland,the operational condition of the monetary system in Hong Kong has been undergoing the tremendous changes. The Currency Board is now facing two challenges. Firstly, the partial dysfunction of interest rate arbitrage of the Currency Board has been taken place. Secondly, Hang Kong dollar has been increasingly playing a role as the currency proxy of the RMB assets. In order to promote the smooth functioning of the Linked Exchange Rate System, the HKMA introduced the three refinements with following policy objects. 1. To restore the function of interest rate arbitrage; and 2. To safeguard the independency of Hang Kong Dollar. In the short term, three refinements have shown their quick effects. However, whether the policy objects of the new refinements can be reached or not in the long run remains to be verified. Finally, the possible effects on the Linked Exchange Rate System and its operation as well also need a further observation.
出处
《国际金融研究》
CSSCI
北大核心
2005年第8期33-37,共5页
Studies of International Finance
关键词
联系汇率制
套息功能
替代货币
三项新措施
Linked Exchange Rate
Interest Rate Arbitrage
Currency Proxy
Three Refinements.
