中等ECON-MONE-006
In Hong Kong the statutory reserve ratio on Hong Kong dollar deposits is zero, but banks still hold reserve balances. Those balances are:
A. Proof that the deposit multiplier is infinite
B. The strong-side Convertibility Undertaking at 7.75
C. Voluntary reserves, so the classroom formula 1/rrr is not the operating multiplier✓ 答案
D. A required 20% ratio set by the currency board
解說
With a zero statutory HKD reserve ratio, balances banks actually hold are voluntary, held for liquidity and settlement. You cannot plug zero into 1/rrr and conclude that deposits expand without limit. 7.75 is an exchange rate, not a reserve ratio.