中等ECON-MONA-008
Under the Linked Exchange Rate System, when the US Federal Reserve raises the federal funds rate, the HKMA's Base Rate typically:
A. Rises by the same magnitude✓ 答案
B. Rises by a smaller magnitude
C. Falls to maintain the peg
D. Remains unchanged as HKMA sets rates independently
解說
Under the Currency Board arrangement, HK interest rates must track US rates to maintain the 7.80 peg and prevent arbitrage. HKMA Base Rate is set at a fixed spread (currently 0.5% above Fed's IORB) and moves in lockstep.