Intervention Replaces Arbitrage The July Package of Monetary Measures
Intervention Replaces Arbitrage The July Package of Monetary Measures
July–August 1988
The July 1988 package of new accounting arrangements for the Hong Kong monetary system represented the first major change in the design of the system since 1983. This was a first logical step on the way to the “seven technical measures” of September 1998 that finally made the system much more robust. This chapter explains these new measures, and presents T-form balance sheets setting out the mechanics of the new arrangements, together with the press release announcing the new measures and their effect. It also explains how any mandated changes in the size of the account to be held by Hong Kong and Shanghai Banking Corporation (HSBC) at the Exchange Fund would enable interest rates to support desired changes in the market exchange rate.
Keywords: accounting arrangements, monetary system, HSBC, Exchange Fund, exchange rate
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