The linked exchange rate system was successfully implemented in Hong Kong in 1983. Starting from October 17, 1983, note-issuing banks exchanged 1 U.S. dollar for 7.8 Hong Kong dollars. They paid in U.S. dollars to the Exchange Fund in advance for an equivalent Hong Kong dollar "certificate of indebtedness" before issuing additional Hong Kong dollar banknotes. At the same time, the government also promised that after the return of Hong Kong dollar banknotes from circulation, the note-issuing banks could also use the same price to exchange them for the US dollar. After implementing the linked exchange rate system, maintaining a stable exchange rate has become the only goal of Hong Kong's monetary policy. Since its inception, the linked exchange system has worked well for 16 years, enabling Hong Kong to avoid the crisis of Asian currency devaluation. It brings short-term and medium-term links to the Hong Kong economy.