Chapter 798
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The heated debate around the improved currency board system advocated by Gao Xian and the independent operation of the exchange fund can be called a struggle for every inch of land without missing a dead corner.
Simply take the package of international monetary exchange rate system. There is an official exchange rate between the exchange fund and the note issuing bank. At present, it is planned to set the exchange rate at 7.8 Hong Kong dollars to the US dollar. There is no permanent provision. With the so-called uncertainty, some people who care are dissatisfied.
When issuing notes, the note issuing bank deposits a package of international currencies of equivalent value into the exchange fund in exchange for the liability statement of the exchange fund. The operation mode basically follows the previous "tradition", and the main difference is that a single pound and dollar have become a collection of more international currencies, which is no big problem.
Corresponding to the official exchange rate, there is a market exchange rate as the name suggests, because it can float freely, resulting in a price difference with the official interest rate, attracting banks to buy or sell Hong Kong dollars for arbitrage, and finally objectively maintaining the stability of the Hong Kong dollar.
This "correction" mechanism is not available in the previous Xiangjiang banknote issuance system. Because the principle is easy to understand and widely appreciated, it can be called no objection.
However, in this kind of arbitrage activity, the note issuing bank and the exchange fund can operate a package of international currencies through the statement of liabilities without restriction; However, other banks can only operate between Hong Kong dollar and US dollar through note issuing banks.
Obviously, the so-called lack of fairness and special treatment makes some people dissatisfied.
In addition, the exchange fund has started issuing 91 day bills and notes to authorized institutions that can be included in the accounts of the exchange fund. The total amount of each issue is HK $200 million, with a minimum face value of HK $500000, which is auctioned once a week.
In fact, this belongs to the open market operation of the central bank.
The free floating range between the Hong Kong dollar market exchange rate and the official exchange rate is acceptable in the plan, which is between HK $0.05 and HK $0.05. In practice, the exchange fund authority can intervene in the excessively free floating range or even more through open market operation.
Unprecedented power also makes some people dissatisfied.
There are many of these. Based on the debate of playing small 99, it can be called a joy.
But they are doomed to be unable to "enjoy themselves". You know, this is a special period. Because the British used the prosperity of the Xiangjiang River as a bargaining chip to threaten negotiations, they screwed up. The Hong Kong dollar is close to collapse and the exchange rate against the US dollar is barely at the current 8.4 level. The longer they wait for the stability measures promised by the Hong Kong government, the greater the pressure on the Hong Kong government.
Therefore, it is almost time to study the improved currency board system advocated by Sir Gao and the independent operation of the exchange fund. Time is tight, and the right and wrong can not be predicted at once. Anyway, sir Gao bragged about heaven, and it is not certain whether he can complete his five-year term of office.
Therefore, on Saturday, October 8, two weeks after the Hong Kong government changed its mouth and announced that it would stabilize the Hong Kong dollar, the Legislative Council examined the amendment to the exchange fund ordinance for the last time.
The situation is stronger than people. Gao Xian helped the ghost guys do their homework several years ahead of time, which forced them to be helpless at this time. Are there any other options besides accepting the ready-made solutions?
Zhai Kecheng, Deputy financial secretary of the Hong Kong government, replaced Peng Lizhi, financial secretary who was "on leave due to illness", and read the revised Exchange Fund Ordinance basically in accordance with Gao Xian's intention.
Some of the members who have been arguing these days have listlessly expressed their respective positions, and the amendment to the Exchange Fund Ordinance was passed without surprise.
The end of this process officially announced that after the audit office and the Independent Commission against corruption, the exchange fund authority has become the third independent organization in Xiangjiang.
Next, governor Youde nominated Sir Gao, a member of the Executive Council, as the first chairman of the Exchange Fund Committee and the first president of the exchange fund authority.
Gao Xian took office and was widely expected. Naturally, there will be no unexpected drama and passed smoothly.
Then, in his capacity as chairman of the Exchange Fund Committee, Gao Xian announced the list of directors of the first session of the Exchange Fund Committee, including Chairman Gao Xian, a representative of the financial secretary, representatives of three note issuing banks Huifeng, Standard Chartered and Yili, representatives of six Xiangjiang licensed commercial banks, and an independent director representing the academic community of Xiangjiang.
This link is even less likely to have problems. Similarly, after Gao Xian announced the appointment of Ren Zhigang and Li Guobao, vice presidents of the exchange fund authority, the same is true.
After the completion of legal provisions, personnel appointment and other processes, the program that cheered the ghost guys came. That is, sir Gao, in his capacity as president of the exchange fund authority, explained his work objectives for his five-year term.
The ghost guys were not disappointed. Gao Xian officially mentioned the boast that the asset scale of the exchange fund will exceed $30 billion five years later.
When introducing this work goal, Gao Xian also added that before the set goal is achieved on schedule, I only receive a symbolic Hong Kong dollar for my salary in these five years. In fact, I wanted not to receive even this Hong Kong dollar salary, but I was worried about causing trouble and inconvenience to other colleagues, so I received one Hong Kong dollar symbolically.
Well, sir Gao's boasting is so resolute! If anyone disagrees, come and bet!
Finally, Gao Xian took the initiative to invite with a calm look on his face and said, "ladies, gentlemen, honourable members, as well as friends from the media and representatives from all walks of life, if you have any questions, please speak freely. I know all the answers."
Now, the conversation box opens.
For example, Senator Luo Bao asked that Sir Gao has a well-known close relationship with the banking, securities and business circles. Now as president of the exchange fund authority, how can he avoid the possible risk of interest transfer?
In Gao Xian's view, this problem is bullshit. Even at this time, with the deterrence of the Independent Commission against corruption, no one dares to ensure that their social relations are 100% "simple". Take Luo Bao, do you only earn members' salaries?
Disdain to return to disdain, the question itself, Gao Xian still has to answer carefully.
In a clear tone, he slowly introduced: "I have resigned from the posts of chairman of the board of directors of Gaoyi and chairman of the board of directors of Gulf western company in the financial and business circles, and even resigned from the post of chairman of the Trade Development Council on the side of Zhengfu."
"In a word, I will try to keep my identity simple. However, since I want to achieve the goal that the asset size of the exchange fund will exceed $30 billion in five years, sometimes I may behave like a fund manager."
"Therefore, I ask all supervisors to give understanding and support."
……
In this way, after a busy morning, the Legislative Council session ended successfully.
After the news came out, although the new system will not be officially implemented until the day after tomorrow, the exchange rate of the Hong Kong dollar against the US dollar still made a positive response, callback to 8:08, and made a quite good start.
Since then, Xiangjiang has entered the era of Hong Kong dollar linked to a basket of international currencies led by Gao Xian.
Please report us if you find any errors so we can fix it asap!
The heated debate around the improved currency board system advocated by Gao Xian and the independent operation of the exchange fund can be called a struggle for every inch of land without missing a dead corner.
Simply take the package of international monetary exchange rate system. There is an official exchange rate between the exchange fund and the note issuing bank. At present, it is planned to set the exchange rate at 7.8 Hong Kong dollars to the US dollar. There is no permanent provision. With the so-called uncertainty, some people who care are dissatisfied.
When issuing notes, the note issuing bank deposits a package of international currencies of equivalent value into the exchange fund in exchange for the liability statement of the exchange fund. The operation mode basically follows the previous "tradition", and the main difference is that a single pound and dollar have become a collection of more international currencies, which is no big problem.
Corresponding to the official exchange rate, there is a market exchange rate as the name suggests, because it can float freely, resulting in a price difference with the official interest rate, attracting banks to buy or sell Hong Kong dollars for arbitrage, and finally objectively maintaining the stability of the Hong Kong dollar.
This "correction" mechanism is not available in the previous Xiangjiang banknote issuance system. Because the principle is easy to understand and widely appreciated, it can be called no objection.
However, in this kind of arbitrage activity, the note issuing bank and the exchange fund can operate a package of international currencies through the statement of liabilities without restriction; However, other banks can only operate between Hong Kong dollar and US dollar through note issuing banks.
Obviously, the so-called lack of fairness and special treatment makes some people dissatisfied.
In addition, the exchange fund has started issuing 91 day bills and notes to authorized institutions that can be included in the accounts of the exchange fund. The total amount of each issue is HK $200 million, with a minimum face value of HK $500000, which is auctioned once a week.
In fact, this belongs to the open market operation of the central bank.
The free floating range between the Hong Kong dollar market exchange rate and the official exchange rate is acceptable in the plan, which is between HK $0.05 and HK $0.05. In practice, the exchange fund authority can intervene in the excessively free floating range or even more through open market operation.
Unprecedented power also makes some people dissatisfied.
There are many of these. Based on the debate of playing small 99, it can be called a joy.
But they are doomed to be unable to "enjoy themselves". You know, this is a special period. Because the British used the prosperity of the Xiangjiang River as a bargaining chip to threaten negotiations, they screwed up. The Hong Kong dollar is close to collapse and the exchange rate against the US dollar is barely at the current 8.4 level. The longer they wait for the stability measures promised by the Hong Kong government, the greater the pressure on the Hong Kong government.
Therefore, it is almost time to study the improved currency board system advocated by Sir Gao and the independent operation of the exchange fund. Time is tight, and the right and wrong can not be predicted at once. Anyway, sir Gao bragged about heaven, and it is not certain whether he can complete his five-year term of office.
Therefore, on Saturday, October 8, two weeks after the Hong Kong government changed its mouth and announced that it would stabilize the Hong Kong dollar, the Legislative Council examined the amendment to the exchange fund ordinance for the last time.
The situation is stronger than people. Gao Xian helped the ghost guys do their homework several years ahead of time, which forced them to be helpless at this time. Are there any other options besides accepting the ready-made solutions?
Zhai Kecheng, Deputy financial secretary of the Hong Kong government, replaced Peng Lizhi, financial secretary who was "on leave due to illness", and read the revised Exchange Fund Ordinance basically in accordance with Gao Xian's intention.
Some of the members who have been arguing these days have listlessly expressed their respective positions, and the amendment to the Exchange Fund Ordinance was passed without surprise.
The end of this process officially announced that after the audit office and the Independent Commission against corruption, the exchange fund authority has become the third independent organization in Xiangjiang.
Next, governor Youde nominated Sir Gao, a member of the Executive Council, as the first chairman of the Exchange Fund Committee and the first president of the exchange fund authority.
Gao Xian took office and was widely expected. Naturally, there will be no unexpected drama and passed smoothly.
Then, in his capacity as chairman of the Exchange Fund Committee, Gao Xian announced the list of directors of the first session of the Exchange Fund Committee, including Chairman Gao Xian, a representative of the financial secretary, representatives of three note issuing banks Huifeng, Standard Chartered and Yili, representatives of six Xiangjiang licensed commercial banks, and an independent director representing the academic community of Xiangjiang.
This link is even less likely to have problems. Similarly, after Gao Xian announced the appointment of Ren Zhigang and Li Guobao, vice presidents of the exchange fund authority, the same is true.
After the completion of legal provisions, personnel appointment and other processes, the program that cheered the ghost guys came. That is, sir Gao, in his capacity as president of the exchange fund authority, explained his work objectives for his five-year term.
The ghost guys were not disappointed. Gao Xian officially mentioned the boast that the asset scale of the exchange fund will exceed $30 billion five years later.
When introducing this work goal, Gao Xian also added that before the set goal is achieved on schedule, I only receive a symbolic Hong Kong dollar for my salary in these five years. In fact, I wanted not to receive even this Hong Kong dollar salary, but I was worried about causing trouble and inconvenience to other colleagues, so I received one Hong Kong dollar symbolically.
Well, sir Gao's boasting is so resolute! If anyone disagrees, come and bet!
Finally, Gao Xian took the initiative to invite with a calm look on his face and said, "ladies, gentlemen, honourable members, as well as friends from the media and representatives from all walks of life, if you have any questions, please speak freely. I know all the answers."
Now, the conversation box opens.
For example, Senator Luo Bao asked that Sir Gao has a well-known close relationship with the banking, securities and business circles. Now as president of the exchange fund authority, how can he avoid the possible risk of interest transfer?
In Gao Xian's view, this problem is bullshit. Even at this time, with the deterrence of the Independent Commission against corruption, no one dares to ensure that their social relations are 100% "simple". Take Luo Bao, do you only earn members' salaries?
Disdain to return to disdain, the question itself, Gao Xian still has to answer carefully.
In a clear tone, he slowly introduced: "I have resigned from the posts of chairman of the board of directors of Gaoyi and chairman of the board of directors of Gulf western company in the financial and business circles, and even resigned from the post of chairman of the Trade Development Council on the side of Zhengfu."
"In a word, I will try to keep my identity simple. However, since I want to achieve the goal that the asset size of the exchange fund will exceed $30 billion in five years, sometimes I may behave like a fund manager."
"Therefore, I ask all supervisors to give understanding and support."
……
In this way, after a busy morning, the Legislative Council session ended successfully.
After the news came out, although the new system will not be officially implemented until the day after tomorrow, the exchange rate of the Hong Kong dollar against the US dollar still made a positive response, callback to 8:08, and made a quite good start.
Since then, Xiangjiang has entered the era of Hong Kong dollar linked to a basket of international currencies led by Gao Xian.
The heated debate around the improved currency board system advocated by Gao Xian and the independent operation of the exchange fund can be called a struggle for every inch of land without missing a dead corner.Simply take the package of international monetary exchange rate system. There is an official exchange rate between the exchange fund and the note issuing bank. At present, it is planned to set the exchange rate at 7.8 Hong Kong dollars to the US dollar. There is no permanent provision. With the so-called uncertainty, some people who care are dissatisfied.When issuing notes, the note issuing bank deposits a package of international currencies of equivalent value into the exchange fund in exchange for the liability statement of the exchange fund. The operation mode basically follows the previous "tradition", and the main difference is that a single pound and dollar have become a collection of more international currencies, which is no big problem.Corresponding to the official exchange rate, there is a market exchange rate as the name suggests, because it can float freely, resulting in a price difference with the official interest rate, attracting banks to buy or sell Hong Kong dollars for arbitrage, and finally objectively maintaining the stability of the Hong Kong dollar.This "correction" mechanism is not available in the previous Xiangjiang banknote issuance system. Because the principle is easy to understand and widely appreciated, it can be called no objection.However, in this kind of arbitrage activity, the note issuing bank and the exchange fund can operate a package of international currencies through the statement of liabilities without restriction; However, other banks can only operate between Hong Kong dollar and US dollar through note issuing banks.Obviously, the so-called lack of fairness and special treatment makes some people dissatisfied.In addition, the exchange fund has started issuing 91 day bills and notes to authorized institutions that can be included in the accounts of the exchange fund. The total amount of each issue is HK $200 million, with a minimum face value of HK $500000, which is auctioned once a week.In fact, this belongs to the open market operation of the central bank.The free floating range between the Hong Kong dollar market exchange rate and the official exchange rate is acceptable in the plan, which is between HK $0.05 and HK $0.05. In practice, the exchange fund authority can intervene in the excessively free floating range or even more through open market operation.Unprecedented power also makes some people dissatisfied.There are many of these. Based on the debate of playing small 99, it can be called a joy.But they are doomed to be unable to "enjoy themselves". You know, this is a special period. Because the British used the prosperity of the Xiangjiang River as a bargaining chip to threaten negotiations, they screwed up. The Hong Kong dollar is close to collapse and the exchange rate against the US dollar is barely at the current 8.4 level. The longer they wait for the stability measures promised by the Hong Kong government, the greater the pressure on the Hong Kong government.Therefore, it is almost time to study the improved currency board system advocated by Sir Gao and the independent operation of the exchange fund. Time is tight, and the right and wrong can not be predicted at once. Anyway, sir Gao bragged about heaven, and it is not certain whether he can complete his five-year term of office.Therefore, on Saturday, October 8, two weeks after the Hong Kong government changed its mouth and announced that it would stabilize the Hong Kong dollar, the Legislative Council examined the amendment to the exchange fund ordinance for the last time.The situation is stronger than people. Gao Xian helped the ghost guys do their homework several years ahead of time, which forced them to be helpless at this time. Are there any other options besides accepting the ready-made solutions?Zhai Kecheng, Deputy financial secretary of the Hong Kong government, replaced Peng Lizhi, financial secretary who was "on leave due to illness", and read the revised Exchange Fund Ordinance basically in accordance with Gao Xian's intention.Some of the members who have been arguing these days have listlessly expressed their respective positions, and the amendment to the Exchange Fund Ordinance was passed without surprise.The end of this process officially announced that after the audit office and the Independent Commission against corruption, the exchange fund authority has become the third independent organization in Xiangjiang.Next, governor Youde nominated Sir Gao, a member of the Executive Council, as the first chairman of the Exchange Fund Committee and the first president of the exchange fund authority.Gao Xian took office and was widely expected. Naturally, there will be no unexpected drama and passed smoothly.Then, in his capacity as chairman of the Exchange Fund Committee, Gao Xian announced the list of directors of the first session of the Exchange Fund Committee, including Chairman Gao Xian, a representative of the financial secretary, representatives of three note issuing banks Huifeng, Standard Chartered and Yili, representatives of six Xiangjiang licensed commercial banks, and an independent director representing the academic community of Xiangjiang.This link is even less likely to have problems. Similarly, after Gao Xian announced the appointment of Ren Zhigang and Li Guobao, vice presidents of the exchange fund authority, the same is true.After the completion of legal provisions, personnel appointment and other processes, the program that cheered the ghost guys came. That is, sir Gao, in his capacity as president of the exchange fund authority, explained his work objectives for his five-year term.The ghost guys were not disappointed. Gao Xian officially mentioned the boast that the asset scale of the exchange fund will exceed $30 billion five years later.When introducing this work goal, Gao Xian also added that before the set goal is achieved on schedule, I only receive a symbolic Hong Kong dollar for my salary in these five years. In fact, I wanted not to receive even this Hong Kong dollar salary, but I was worried about causing trouble and inconvenience to other colleagues, so I received one Hong Kong dollar symbolically.Well, sir Gao's boasting is so resolute! If anyone disagrees, come and bet!Finally, Gao Xian took the initiative to invite with a calm look on his face and said, "ladies, gentlemen, honourable members, as well as friends from the media and representatives from all walks of life, if you have any questions, please speak freely. I know all the answers."Now, the conversation box opens.For example, Senator Luo Bao asked that Sir Gao has a well-known close relationship with the banking, securities and business circles. Now as president of the exchange fund authority, how can he avoid the possible risk of interest transfer?In Gao Xian's view, this problem is bullshit. Even at this time, with the deterrence of the Independent Commission against corruption, no one dares to ensure that their social relations are 100% "simple". Take Luo Bao, do you only earn members' salaries?Disdain to return to disdain, the question itself, Gao Xian still has to answer carefully.In a clear tone, he slowly introduced: "I have resigned from the posts of chairman of the board of directors of Gaoyi and chairman of the board of directors of Gulf western company in the financial and business circles, and even resigned from the post of chairman of the Trade Development Council on the side of Zhengfu.""In a word, I will try to keep my identity simple. However, since I want to achieve the goal that the asset size of the exchange fund will exceed $30 billion in five years, sometimes I may behave like a fund manager.""Therefore, I ask all supervisors to give understanding and support."In this way, after a busy morning, the Legislative Council session ended successfully.After the news came out, although the new system will not be officially implemented until the day after tomorrow, the exchange rate of the Hong Kong dollar against the US dollar still made a positive response, callback to 8:08, and made a quite good start.Since then, Xiangjiang has entered the era of Hong Kong dollar linked to a basket of international currencies led by Gao Xian.
