高階ECON-FISCA-010
Under the Linked Exchange Rate System, an expansionary US monetary policy (lower Fed rate) leads to capital inflows to Hong Kong. To maintain the peg, the HKMA must:
A. Sell USD and buy HKD, reducing Monetary Base
B. Buy USD and sell HKD, expanding Monetary Base✓ 答案
C. Raise the Base Rate above the Fed rate
D. Impose capital controls to stop inflows
解說
US rate cut → capital flows to HK for higher yield → HKD appreciates pressure. HKMA sells HKD / buys USD to prevent appreciation above 7.75. This increases HKD Monetary Base (currency board mechanics).