Hong Kong's Linked Exchange Rate System operates as a currency board. If the HKMA's US dollar reserves are US$450 billion and the Monetary Base is HK$3,510 billion, the implied backing ratio is:

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Accepted Answer

B. Backing ratio = (US$ reserves × 7.80) / Monetary Base. US$450bn × 7.80 = HK$3,510bn. Ratio = 3510/3510 = 100%. The system requires ≥100% backing; HKMA typically maintains ~100-110%.

Hong Kong's Linked Exchange Rate System operates as a currency board. If the HKMA's US dollar reserves are US$450 billion and the Monetary Base is HK$3,510 billion, the implied backing ratio is:

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