在港元兑换保证内进行市场操作的准则

Guiding principles for conducting market operations within the convertibility zone

在2003年9月以前的20年货币管理中，货币当局在联系汇率偏弱趋势下积累了稳定货币制度的丰富经验．该文着重分析在港元偏强时代．金管局在强方保证范围内进行市场操作的准则。

During the past twenty years of monetary management, before September 2003, the Monetary Authorities scored many successes in stabilizing the monetary regime under a weakening trend in the linked exchange rate system. This paper emphasizes the guiding principles for the Hong Kong Monetary Authority （HKMA） to conduct market operations within the convertibility zone in a time of inclination towards strong valuations of the HK dollar