A STUDY ON THE HONG KONG MONETARY SYSTEM BEFORE THE RESTORATION TO CHINA

本研究的第一个目的是检视香港货币制度在1997年7月回归前的发展，然后预测1997年后的情况。这项研究得出了三个结论。首先，虽然香港的汇率制度是一种被称为“联系汇率制度”的固定汇率制度，而不是发达国家现在所采用的灵活汇率制度，但从“套利和竞争”的功能来看，这一制度的运作是非常健全的。近年来，管理汇率制度的香港金融管理局增加了中央银行的职能，例如公开市场操作程序。第二，香港的银行体系被称为三级体系，由持牌银行、有限制牌照银行和接受存款公司组成。在货币市场，尤其是银行间市场，日本银行的活跃程度非常显著。不过，日本银行的对外业务主要集中在日本，在香港的内部业务中所占的份额并不重要。由于日本的银行监管，日本银行在香港的分支机构从日本借入资金，并将其投放到日本。这是一笔利用香港自由货币市场的迂回交易。第三，香港金融管理局和中国人民银行在稳定香港货币制度和港元方面有着非常密切的合作。这是因为对货币事务的恢复冲击的防御。两国货币当局的协调在恢复之前就开始了。接下来的问题是如何在“一国两制”的背景下分析这种合作，“一国两制”是《基本法》的一个类比，即“一国两制”。为了进行这项伟大的实验，两国货币当局必须相互合作。

The first purpose of this study is to examine the development of the Hong Kong monetary system before the restoration to China in July 1997, and next to forecast the condition after 1997. Three findings came out in this study.First, though exchange rate system in Hong Kong is a fixed exchange rate system called the "linked rate system", not a flexible exchange rate system advanced countries now adapting, the operation of this system is very sound from the function of" arbitrage and competition". In recent years, central banking functions, for example open market operation procedures, have been added to the Hong Kong Monetary Authority which manage the exchange rate system.Second, Hong Kong banking system is called three-tier system consisted of Licensed Banks, Restricted License Banks, and Deposit-taking companies. In the money market, especially interbank market, the activity of Japanese banks is very remarkable. Japanese banks, however, devote outward business with Japan and their share of internal business within Hong Kong is unimportant. Because of the banking regulation in Japan, the Hong Kong branches of Japanese banks borrow fund from Japan and place this to Japan. This is a roundabout transaction taking advantage of Hong Kong's free money market.Third, there is a very close cooperation between the Hong Kong Monetary Authority and the People's Bank of China for the stability of the Hong Kong monetary system and Hong Kong Dollar. This is because of the defense on the restoration shock to monetary affairs. The harmony of both monetary authorities is starting before the restoration.Next problem is so to make an analysis of this cooperation in the context of "one country, two currencies" which is an analogy of the idea of Basic Law, that is "one country, two systems". It is necessary for this great experiment that the both monetary authorities cooperete with each other.