):32-36. Р[3]王信.促进单一货币区的形成和发展——探析进一步拓展香港人民币业务的有效措施[J].国际贸易,2005(3):52-55.РThe Impact Assessment of RMB Appreciation on Hong Kong's Economy and РLinked Exchange Rate RegimeРPan Cheng-FuР(Finance School, Guangdong university of business studies,510320 China)РAbstract:Since RMB exchange rate regime reform,RMB appreciated in term of US Dollar。Because Hong Kong maintains linked exchange regime,RMB appreciated against Hong Kong Dollar as well, RMB exchange rate broke 1:1 mark in January,and still keep rising。In the short run,the impact of RMB appreciation on Hong Kong’s economy and It’s linked exchange rate regime is small,but in the long run,the challenge still need being handled in a proactive and preventive approach。РKeywords: RMB Appreciation;Linked Exchange Rate Regime;Optimum Currency Area