THE STUDY ON THE MONETARY SYSTEM OF HONG KONG AFTER THE RESTORATION TO CHINA

回归中国后，香港面临两个严重的货币问题。首先，联系汇率制度受到东亚金融危机对港元的投机性冲击，香港金融管理局通过对货币市场的异常干预来捍卫联系汇率制度。二是日本银行在香港货币市场的地位迅速下降。本研究主要考察后一个问题。上世纪90年代初，香港日资银行在香港货币市场占据主导地位。日本银行，特别是国家银行，已在香港展开竞争。1995年，日本持牌银行的数目为46家，相当于香港所有持牌银行的四分之一。但1997年后，日本银行陆续撤出香港，到2000年底，香港只剩下22家日本持牌银行。除此之外，香港日资银行还减少了通过日本离岸市场和香港货币市场的迂回贷款，即所谓的欧元-日元冲击贷款，这是日资银行香港业务的特色。这种下降反映在两个因素上。第一个因素是受东亚金融危机打击的香港经济萧条。第二个因素是日本的银行业危机，这促使日本银行在全球范围内减少资产，重组全球分支机构网络。香港基本法第一百零九条规定，香港特别行政区政府应保持香港作为国际金融中心的地位。但是，这一承诺是否会被遵守，可能取决于日本银行。

After the restoration to China, Hong Kong faced two serious monetary problems. First, Linked Exchange Rate System was disturbed by the speculative attack to the Hong Kong Dollar in relation to the East Asian financial crisis and Hong Kong Monetary Authority defended the exchange rate system through the exceptional intervention to the money market. Second, there occurred the rapid decline of Japanese Bank's position in Hong Kong Money Market. In this study, this latter problem was mainly examined.Hong Kong Japanese Banks occupied the dominant market share in Hong Kong money market in the early 1990's. Japanese Banks, especially Country Banks has competitively branched out into Hong Kong and in 1995 the number of Japanese Licensed Banks was forty six which was equivalent to a quarter of all Licensed Banks in Hong Kong. But, after 1997 Japanese Banks has withdrew from Hong Kong and in the end of 2000 only twenty two Japanese Licensed Banks remained. In addition to this withdrawal, Hong Kong Japanese Banks have reduced the roundabout loan through Japan Offshore Market and Hong Kong money market, so called Euro-yen Impact Loan which characterized the Japanese Banks' Hong Kong business.This decline has been reflected of two factors. First factor was the depression of Hong Kong economy that was hit by East Asian crisis. Second factor was the banking crisis in Japan that has been urging the Japanese Banks to reduce their assets worldwidely and to reorganize the world branch networks. The Article 109 of the Hong Kong Basic Law say, the Government of the Hong Kong SAR should maintain the status of Hong Kong as an international financial centre. But, whether this pledge would be observed or not may be depend on the Japanese Banks.