金管局(HKMA)如何影響香港利率?

真正影響香港利率的是美圓強弱和美國利率,金管局不過是被動地在貨幣市場買賣 港圓/美圓來維持聯繫匯率,港匯過強時,金管局就要賣 港圓買美圓,港幣供應增加,香港利率便會下降.美國減息資金流向香港,做成港幣升值的壓力, 香港也要跟隨美國減息.

在聯繫匯率制下,貨幣自主的空間很窄,基本上香港是沒有自己的貨幣政策的.銀行釐定息率,都要根據市場資金需求和供應而定,金管局沽出港元利率自然下降.但金管局是不會為減息而賣 港圓,必定是為維持聯繫匯.任何主動的貨幣政策都會衝擊聯繫匯率.

Basically, the primary function for HKMA is to regulate the cash flow in the whole HK monetary system. HKMA can buy and sell HKD to maintain the exchange rate to USD. So there may be indirect effect to the interest rate. In fact, the main effect is from HKAB ( Hong Kong Association of Banks) where the member banks may agree on the increase or decrease of the prime rate in the old days and now they can do it individually.