美国议员呼吁审查香港对美联储提供短期美元融资的设施的使用权，分析人士表示，由于该设施并非香港的常规融资渠道，其影响有限；他们还指出，任何限制可能会削弱美元的全球主导地位。
A US lawmaker’s call for a review of Hong Kong’s access to a Federal Reserve facility that provides short-term US dollar funding would have limited impact on the city as it is not a regular source of financing, according to analysts, who said any restriction could instead weaken the US dollar’s global dominance.
美国众议院中国事务委员会主席约翰·穆勒纳尔（John Moolenaar）致信美联储主席凯文·沃什（Kevin Warsh），敦促审查香港金融管理局（HKMA）对外汇与国际货币当局（FIMA）回购设施的使用权。该设施向外国央行提供短期美元流动性，委员会于周二发布的声明中提到此事。
John Moolenaar, chairman of the House China Committee, has written to US Federal Reserve chairman Kevin Warsh urging a review of the Hong Kong Monetary Authority’s (HKMA) access to the Foreign and International Monetary Authorities (FIMA) repo facility, which provides short-term US dollar liquidity to foreign central banks, according to a statement published by the committee on Tuesday.
穆勒纳尔要求沃什在10月14日前回复，美联储是否应允许香港金融管理局继续使用该设施。他引用了该机构在支持中国人民银行（PBOC）推进人民币国际化方面的作用，尤其是在人民银行于6月推出模仿FIMA计划的人民币回购设施之后。
Moolenaar asked Warsh to respond by October 14 on whether the Fed should allow the HKMA to retain access to the facility. He cited the authority’s role in supporting the People’s Bank of China (PBOC)’s efforts to expand yuan internationalisation, particularly after the PBOC introduced a new yuan-denominated repo facility, modelled on the FIMA programme, in June.
美联储在接受《南华早报》采访时表示：“我们已收到来信，计划作出回应。”
The Federal Reserve told the South China Morning Post in response to an inquiry: “We have received the letter and plan to respond”.
香港金融管理局发言人称：“我们暂无可供评论的内容。” 香港的银行家和交易员表示，失去FIMA设施的使用权对香港影响不大，因为该设施旨在提供紧急融资，而非作为常规融资渠道。该设施最初在新冠疫情期间推出，并于2021年7月成为永久性常设设施。
A Hong Kong Monetary Authority spokeswoman said: “We do not have any comment to offer.”Hong Kong bankers and traders said losing access to the FIMA facility would have little impact on Hong Kong because it was designed to provide emergency funding, rather than serve as a regular source of financing. The facility was introduced during the Covid-19 pandemic and became a permanent standing facility in July 2021.
香港金融管理局还利用FIMA回购安排设立了临时的100亿美元流动性设施，但未披露使用数据。银行家们表示，疫情后几乎很少使用该设施。
The HKMA has also introduced a temporary US$10 billion liquidity facility using the FIMA repo arrangement and has not disclosed usage data, but bankers said they rarely used it at all after the pandemic.
限制香港金融管理局（HKMA）使用FIMA回购工具，只会促使国际社会减少对美元的依赖。独立分析师Jasper Lo表示：“美国委员会本身仅具咨询性质，其建议并不总能成为现实。”香港城市大学客座教授陈文强（Wilson Chan Fung-cheung）说道。
Limiting HKMA from accessing FIMA repo would only lead the international world to cut down their reliance on the US dollarJasper Lo, independent analyst“The US committee itself is only advisory, and its suggestions do not always turn into reality,” said Wilson Chan Fung-cheung, an adjunct professor at City University of Hong Kong.
陈文强补充说，美联储不太可能限制HKMA的访问权限，因为该机制设立的初衷正是在危机时期维护全球金融稳定。
The Fed, Chan added, was unlikely to restrict the HKMA’s access because the facility was created to protect global financial stability during crises.
“委员会主席John Moolenaar目前的提案仅关注政治紧张局势，并未考虑全球金融稳定的重要性。”陈文强表示。他在投身学术界之前，曾担任银行家长达三十年。
“The current proposal by the committee chairman John Moolenaar only focuses on political tensions and has not considered the importance of global financial stability,” said Chan, who worked as a banker for three decades before turning to academia.
“即使无法使用这些FIMA回购工具，我认为HKMA或香港银行业也不会受到太大影响。”陈文强说，“香港的兑换基金总额高达4.46万亿港元（5680亿美元），足以完全支撑港元和本地金融体系，无需动用FIMA回购工具。”资深外汇交易员兼独立分析师Jasper Lo也预测，美联储不会允许政治压力影响市场。
“I do not think HKMA or the Hong Kong banking sector would suffer much if we cannot use these FIMA repos,” Chan said. “The city’s Exchange Fund has a total size of HK$4.46 trillion [US$568 billion], which can fully support the Hong Kong dollar and the local financial system with no need to use the FIMA repo.”Jasper Lo, a veteran foreign exchange trader and independent analyst, also predicted that the Fed would not allow political pressure to influence the market.
“美国一直试图维持美元的霸权地位。限制HKMA使用FIMA回购工具，只会促使国际社会减少对美元的依赖，”他说。
“The US has tried to continue the US dollar’s dominance. Limiting HKMA from accessing FIMA repo would only lead the international world to cut down their reliance on the US dollar,” he said.
“对于香港银行而言，吸引美元存款并无困难。”根据HKMA的数据，截至8月底，香港银行持有的美元存款达9.4万亿港元，高于其8.8万亿港元的港元存款。Lo将这一趋势归因于美元存款的利率高于港元存款。
“For banks in Hong Kong, they have no difficulties attracting US dollar deposits.”Hong Kong banks held HK$9.4 trillion in US dollar deposits at the end of August, higher than their HK$8.8 trillion in Hong Kong dollar deposits, according to HKMA data. Lo attributed the trend to the higher interest rates available on US dollar deposits compared with those on Hong Kong dollar deposits.