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服務(wù)型政黨構(gòu)建的三要素探析_3(存儲(chǔ)版)

  

【正文】 system ; 第 8 頁(yè) 共 13 頁(yè) moarybase hongkongisoneofthefeweconomieswhichadoptalinkedexchange ,thehongkongdollarislinkedtotheusdollaratafixedrateofhk$em ,ithasbeethecornerstoneofhongkong’sfinancialsystem. thelinkedexchangerateinhongkongalsohasseveralevolutiona— theexchangefundbillsandnoteswerelaunchedandthesystemsteppedintotheseconlestablishmentofthehongkongmoaryauthority ( hkma ) ,hkmabegantohavethepowertotransactdirectlywitheachmercialbankasothercentralbanksdidwiththeestablishmentofthegeduringthetimeoftheasianfinancialcrisiswhentheroleofhkmaindealingwithvolatilitiesinmarketswaswidelyquestioned. 第 9 頁(yè) 共 13 頁(yè) hongkong’slinkedexchangeratesystemisacurrencyboardsystem ,whichrequiresboththestockandtheflowofthemoarybasetoboperationofthelinkedexchangeratesysteminhongkongwhichworksthroughaplicatedsystemofbanknoteissuanceandwithdr,theymustdepositanequivalentamountofusdollarsattherateofchangefundtoobtaincertificatesofindebtedness ,sworksinaconversewaywhenhongkongdollarbanknotesarewithdinsonbehalfofthegovernment ,transactionsbetweenthehkmaandtheagentbankthatstoresanddistributesthenotesandcoinstothepublicarealsobackedbyusdollarsatthesamerate. underthecurrentsystem , insteadoftheexchangerate ,arybase 第 10 頁(yè) 共 13 頁(yè) increaseswhentheusdollarissoldtothecurrencyboard ,andvice nterestratesforthehongkongdollartofallorriserespectivelywhiletheexchangeremainsstable. theexcessiveinterestratevolatilityisreducedthroughthefacilitycalledthedi
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