IMF Welcomes Refinements to the Operation of the Linked Exchange Rate System in Hong Kong SAR

Mr. Paul Gruenwald, Resident Representative at the International Monetary Fund’s (IMF) sub-office in Hong Kong SAR, made the following statement:

“The IMF welcomes the three refinements to the operation of the Linked Exchange Rate System announced yesterday, most importantly the introduction of a strong-side convertibility undertaking, aimed at removing uncertainty about the extent to which the exchange rate may appreciate. Taken together, these refinements should strengthen the operation of the currency board system.”