Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has demonstrated the orderly operation of the linked exchange rate system amid changing market liquidity and persistent interest rate differentials between Hong Kong and the U.S. [1][2] Group 1: Market Dynamics - The HKMA President noted that the Hong Kong dollar (HKD) has seen a significant inflow of funds, with the banking system's HKD surplus rising from approximately HKD 45 billion to over HKD 170 billion, indicating a very ample liquidity situation [1] - The demand for HKD has changed, with a strong demand observed from May to June, but factors such as the peak of dividend payouts and the return of funds from non-local companies have reduced this demand [1] Group 2: Interest Rate and Exchange Rate - The interest rate differential between Hong Kong and the U.S. remains wide, making arbitrage trading profitable and keeping the HKD close to the 7.85 level [2] - The HKMA emphasizes that the primary policy goal of the linked exchange rate system is to maintain the stability of the HKD, rather than targeting interest rates [2]

香港金管局总裁余伟文撰文指，港元流动性短期内变得非常充裕，以致银行间短期拆息显着拉低。他强 调，息率变化基本上反映联汇制度下正常市场行为及反应，从宏观经济角度看，较低息率有利于目前香 港整体经济环境，但未来一段时间港汇及港息走势仍存在较多变数，港美息差扩阔，增加买美元套息的 诱因，以致港汇由5月初的7.75兑1美元，回软至最近的7.82水平。余伟文表示，如果资金持续供过于 求，套息交易的市场力量会令港汇走弱，港元拆息将会回升，甚至可能返回趋近美元息率水平。但过程 需要多长、市场力量的速度及力度，存在很大不确定性。 ...