Hong Kong's Economic System after 1997 (excerpts)



The HKSAR government safeguards the free operation of financial business and the free flow of capital in the territory, whereby no exchange control policy is applied after 1997. The Hong Kong dollar that has acted as the local legal tender continues to circulate and remains freely convertible.


Hong Kong adopted a linked exchange rate system in 1983. The Hong Kong Monetary Authority (HKMA) was established to enhance the mechanism of the linked exchange rate system.


Through money market operations, the HKMA has influenced the level of liquidity in the interbank market, hence assisting in the maintenance of exchange rate stability. This arrangement regarding the exchange rate system continues after 1997.


The authority to issue Hong Kong dollar bank notes is vested in the HKSAR. The government may authorize designated banks to issue or continue to issue bank notes under statutory authority.


Under the Bank Note Issue Ordinance, note-issuing banks are required to pay US dollars to the HKMA's Exchange fund at a fixed rate of HK $ 7.80 =US $ 1 in exchange for non-interest bearing certificates of indebtedness.


This mechanism provides the backing for the issue of Hong Kong dollar notes.


参考译文
外汇、金融和货币体系


香港特别行政区政府保护金融业务的自由运作和资金在当地的自由流通，1997年后不实行任何外汇管制政策。已作为当地合法货币的港币将继续发行，并仍可以自由兑换。


从1983年开始，香港采用一种联系汇率的制度，并设立金融管理局以加强联系汇率体系的运作机制。


金融管理局通过对金融市场的管理活动一直影响着银行间贸易来往的流畅性，从而在保持汇率稳定方面起了举足轻重的作用。这一关于汇率体系的安排在97年以后继续采用。 #p#分页标题#e#


特区当局还被赋予发行港币的权力。政府可以授权制定的银行在法定权限下发行或继续发行钞票。
根据《货币发行法令》，发行货币银行必须按每7.80港币换1美元的固定汇率向香港金融管理局的外汇基金交纳相应数量的美元作为押金以换取无利息的负债证明书。


这一套做法为港币的发行提供了坚实的后盾。