由於香港採用嘅係Currency Board制度，而呢種制度本質上只要求發行鈔票時要有足夠嘅外幣去兌換，所以貨幣經濟學者George Selgin早前就指出，理論上金管局絕對可以用呢啲「多餘」嘅外匯存備，「印」出新嘅港幣給予香港政府使用。
Only the appearance is deceiving, because the workings I just described are those of an orthodox currency board; and Hong Kong’s “currency board of sorts” is far from orthodox. That’s mainly because, instead of holding U.S. dollar assets just equal to an equivalent value in outstanding HKD banknotes, the Hong Kong Monetary Authority’s “Exchange Fund,” which manages its currency issues and manages its asset portfolio, has for some time now held U.S. dollar reserves far in excess of the value of Hong Kong’s currency stock. At latest count, they amounted to US$440.6 billion dollars, or about seven times the value of outstanding HKD banknotes! It follows that, if the government let it, the HKMA could easily finance this year’s planned handout by just creating a like value of banknotes (or, more accurately, “certificates of indebtedness” that the HKMA awards to Hong Kong’s currency-issuing banks in order to allow them to issue notes) without violating the 100 percent reserve requirement.
Instead, the HKMA will almost certainly sell some foreign assets on behalf of the Hong Kong government, crediting it’s HKD accounts at the HKMA or elsewhere in the banking system. Adult HK citizens can then apply to the government for payment of the $10,000 to which each is entitled, receiving it mainly in the shape of a credit to their individual bank accounts. In this way, the government’s handout will have no effect whatsoever on the supply of Hong Kong dollars.
但值得留意，目前香港嘅銀根不單包括流通貨幣，亦包括反映銀行體系流動性嘅 Aggregate Balance，同金管局發行嘅Exchange Fund Bills，呢啲都係金管局要確保銀行可以兌回美元嘅資產。