香港自1983年开始采取港币与美元挂钩的固定汇率制度：港币汇率基于固定汇率小范围浮动。过去多年中，该制度曾遭受过几次重大冲击。尽管该制度在过去从未失灵，但长远来看，该制度的可持续性值得关注。本中心研究目的将聚焦该主题，就港币汇率制度的失效风险进行研究和探讨。

Hong Kong dollar exchange rate is a fixed exchange rate with a narrow band of variation. The fixed exchange rate regime has been in operation since 1983. However, there has been several points in time since 1983 when the fixed exchange rate regime was under severe pressure. While the regime never failed, there has always been issue on the sustainability of the regime. The goal of this line of research is to understand how the risk of failure of the regime affects the exchange rate.

Papers:
1. How Rational Are the Option Prices of Hong Kong Dollar Exchange Rate? by Samuel Drapeau, Tan Wang and Tao Wang, published in Journal of Derivatives, spring 2021
2. Pricing and Hedging Performance on Pegged FX Markets Based on a Regime Switching Model, by Samuel Drapeau and Yunbo Zhang, published in Quantitative Finance, july 2020
3. On Model Robustness of the Regime Switching Approach for Pegged Foreign Exchange Markets, by Yunbo Zhang and Samuel Drapeau