| Journal Call no. | L64.H66 |
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| Author | Yam, Joseph. |
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| Article Title | Monetary policy / Joseph Yam. |
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| Is Part Of | Hong Kong echo magazine : education and training in Hong Kong ; no.8, Sum 1996, p.35, illus. |
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| Abstract | Confidence in a currency is built upon credible policies. Monetary policy in Hong Kong has a single and simple objective of a stable exchange rate during the change of sovereignty in 1997. Hong Kong is a highly externally oriented economy with external trade totalling 3 times the Gross Domestic Product. It is entirely appropriate for such an economy to maintain a stable external value for its currency. Monetary policy operations, to the extent that they are necessary to ensure exchange rate stability, are entirely transparent with virtually no scope for discretion. |
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