HONG KONG INSTITUTE FOR MONETARY RESEARCH

1.1 1.2 1.3 1.4 2.1 2.2 3.1 3.2 3.3

4.1 4.2 4.3 4.4 5.1 5.2 5.3 5.4 1 2003 2010 1 2 3

1 WTO 2003 2009 2009 7 2010 7

2 WTO 1.1 20 80 1993 8 1.2 90 2003 11 2007 2009 2010 7 1.3 2010 3 1.4 2009

3 2009 7 4 (RCPMIS) 2010 6 2011 1

4 2.1 4 20 2010 8 2010 8 2011 1 2011 5 2.2 2009 7 (RCPMIS) 2011 3 8702 1 1600 1400 1200 1000 800 600 400 200 0 2010.01 2010.02 2010.03 2010.04 2010.05 2010.06 2010.07 2010.08 2010.09 2010.10 2010.11 2010.12 2011.01 2011.02 2011.03

5 2011 1

6 2009 3.1 2003 20000 80000 80000 2003 2010 1 1 2003 2010 1 2003 [2003] 16 2 2003 [2003] 20 3 2004 [2004]10 4 2004 [2004]254 5 2005 [2005] 26 6 2006 [2006]44 7 2007 [2007] 3 8 2007 [2007] 12 9 2007 10 2009 11 2010

7 3.2 2007 2007 2009 7 2010 7 2010 7 3.3 2011 3 2011 3 4514 2

8 2 5000 80% 4000 3000 2000 1000 60% 40% 20% 0 0% 2010-01 2010-02 2010-03 2010-04 2010-05 2010-06 2010-07 2010-08 2010-09 2010-10 2010-11 2010-12 2011-01 2011-02 2011-03 (DF) 2011 3 800

9 4.1 4.4 4.2 2010 4.3

10 5.1 1968 0.4 0.9 1977 1 1.5 1 25 FDI 2 5.2 3 1 (1997) 28 5 2 (2011) 3

11 NDF DF 3 4 2010 12 3 6.9000 6.8000 CNH CNY 6.7000 6.6000 6.5000 6.4000 6.3000 2010-08-23 2010-09-06 2010-09-16 2010-09-29 2010-10-18 2010-10-28 2010-11-09 2010-11-19 2010-12-01 2010-12-13 2010-12-23 2011-01-04 2011-01-14 2011-01-26 2011-02-14 2011-02-24 2011-03-08 2011-03-18 2011-03-30 NDF 5.3 2010 3% 4

12 5 5.4 85% 2010 12 5

13 (2002) 10 (2007) 13 (2009) (2007) 5 (2003) 8 (2004) (1997) 5 (2011) (2006) M1 9 (2009) 1998-2006 2 (2009) 4 (2009) 8

8 (852) 2878 1978 (852) 2878 7006 hkimr@hkma.gov.hk http://www.hkimr.org