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is dependent upon the money market and foreign exchange
activities of HSBC, and actions by HSBC's customers over
which neither HSBC nor the Exchange Fund have any control.
To the extent that HSBC's non-bank customers are switching
out of Hong Kong dollars, interest rates could in fact
fall. This is because HSBC, for prudent commercial reasons,
has to maintain their net foreign currency position by
a corresponding switch which would increase the supply
of Hong Kong dollars in the interbank market.
23.
By the same token, a switch into Hong Kong
dollars does not necessarily lead to a fall in Hong Kong
dollar interest rates. Again, to the extent that HSBC's
non-bank customers are switching into Hong Kong dollars,
the supply of Hong Kong dollar in the interbank market
may even decrease and cause interest rates to firm up.
24.
There has therefore often been a need to take
action to push interest rates in the required direction.
This takes different forms. Where possible, HSBC is
persuaded often against their commercial interests to
reduce or increase their lending in the money market
according to the needs of monetary policy. The Exchange
Fund also undertakes money market intervention through
HSBC. The effectiveness of such intervention is described
in Annex IV.
/25.
G.F. 316
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