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Title: Market reaction to monetary operation changes : the behavior of Hong Kong interest rates
Other Titles: Shi chang dui cai zheng cao zuo bian hua de fan ying : Xianggang li lü de xing wei
市場對財政操作變化的反應 : 香港利率的行為
Authors: Zhu, Weiting ( 朱偉庭)
Department: College of Business
Degree: Master of Philosophy
Issue Date: 2011
Publisher: City University of Hong Kong
Subjects: Monetary policy -- China -- Hong Kong.
Interest rates -- China -- Hong Kong.
Foreign exchange -- China -- Hong Kong.
Notes: CityU Call Number: HG1302 .Z48 2011
iii, 49 leaves : ill. 30 cm.
Thesis (M.Phil.)--City University of Hong Kong, 2011.
Includes bibliographical references (leaves 31-33)
Type: thesis
Abstract: This paper examines the impact of Hong Kong's monetary policy, especially focusing on the HKMA's decision of their operation in the foreign exchange market and the response of money market interest rate. We find that the change of HKMA’s forecast for future operation in the foreign exchange market indeed impacts the interest rates. Second, the market reacts for this change in one day and this impact does not persist in the future. Last but not least, the reactions of interest rates for different maturities are different. The middle term interest rates have the greatest responses, and the short term interest rates have smallest impacts.
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