Factors like interest rates, money supply and the level of economic activity, rather than the exchange rate, now adjust automatically to the BOP (imports áa, foreign exchange flow out, liquidityáÕforeign exchange to back the issuance of HK$áÕ, MsáÕ, Interest rateáa, productionáÕ, economic growtháÕ, inflationáÕ, importsáÕ). ... Sole monetary objective in HK Some big countries like Germany and US the macroeconomic objectives are say, to sustain economic growth, full employment or low...

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