香港自1983年開始採取港幣與美元掛鉤的固定匯率制度：港幣匯率基於固定匯率小範圍浮動。過去多年中，該制度曾遭受過幾次重大衝擊。儘管該制度在過去從未失靈，但長遠來看，該制度的可持續性值得關注。本中心研究目的將聚焦該主題，就港幣匯率制度的失效風險進行研究和探討。

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