In fact, Hong Kong's linked exchange rate system should not be a floating exchange rate. HKMA stipulates that the Hong Kong dollar is pegged to the US dollar at the exchange rate of HK$ 7.8 to US$ 65,438+0, and freely floats within the range of HK$ 7.75-7.85 to US$ 65,438+0 under the exchange guarantee of the Hong Kong Monetary Authority. The fixed exchange rate system means that the monetary authorities basically fix the exchange rate of their own currency against other currencies, and the fluctuation range is limited to a small range. Under this system, the exchange rate fluctuates within a legal range under the control of the monetary authorities, so it is relatively stable. Floating exchange rate system generally refers to free floating exchange rate system, which is relative to fixed exchange rate system. It means that a country does not stipulate the floating range of exchange rate between its own currency and foreign currencies, nor does it undertake the obligation to maintain the floating limit of exchange rate, but allows the exchange rate to float freely with the change of supply and demand in the foreign exchange market. Under this system, foreign exchange has completely become a special commodity in the international financial market, and the exchange rate has become the price for buying and selling this commodity. From the above concept, the Hong Kong dollar fluctuates within the floating space specified by HKMA, and the exchange rate changes are managed by HKMA. I think the Hong Kong dollar should be a fixed exchange rate. The above views are personal and are for reference only.