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The Origin and Evolution of Hong Kong’s Currency Board II

In: Hong Kong SAR’s Monetary and Exchange Rate Challenges

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  • Joseph Yam

Abstract

This article presents a brief history of the reforms to Hong Kong’s monetary framework over the past two and a half decades, drawing on my own personal involvement in the process and internal correspondence, as well as commentary from leading experts at the time. It covers the background to the present currency board system, and traces the key technical changes to it since its introduction, including the assumption and development of official control over the monetary base, measures to create deeper and more liquid money markets in Hong Kong, and, more recently, technical refinements to the system following the Asian financial crisis. The article concludes that the Hong Kong currency board system has served Hong Kong well over the past quarter of a century, notwithstanding the economic and political challenges during this time. However, the way in which the system operates has effectively changed beyond recognition.

Suggested Citation

  • Joseph Yam, 2009. "The Origin and Evolution of Hong Kong’s Currency Board II," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Catherine R. Schenk (ed.), Hong Kong SAR’s Monetary and Exchange Rate Challenges, chapter 7, pages 145-157, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-59474-6_7
    DOI: 10.1057/9780230594746_7
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