中等ECON-MONA-005
Hong Kong's Linked Exchange Rate System requires the Monetary Base to be fully backed by US dollar reserves. If the HKMA issues HK$10 billion in new Exchange Fund Bills, the US dollar reserves must:
A. Increase by HK$10 billion
B. Increase by US$ equivalent of HK$10 billion at the linked rate✓ 答案
C. Decrease by US$ equivalent of HK$10 billion
D. Remain unchanged as Bills are not part of Monetary Base
解說
Exchange Fund Bills are HKMA liabilities, part of Monetary Base. Under LERS, every HK$ issued must be backed by US$ reserves at 7.80. New Bills → Monetary Base expands → US$ reserves must increase correspondingly.