中等ECON-MONA-007
Which of the following would cause the money supply (M3) to DECREASE in Hong Kong?
A. HKMA buys Exchange Fund Bills from banks
B. Public deposits more cash into banks
C. Banks increase lending to property developers
D. Public withdraws cash from banks and holds it as currency✓ 答案
解說
Currency withdrawal reduces bank reserves, shrinking the deposit creation base. M3 = currency + deposits; if public holds more currency, deposits fall by a multiple (money multiplier in reverse). Options A, B, C expand money supply.