The article traces the evolution of the exchange fund from its origin as a reserve backing hong kong s note issue to its current role as hong kong s official foreign exchange reserves and major monetary policy tool 本文追溯外汇基金的演变，由作为支持香港纸币发行的储备，发展为今日香港的官方外汇储备及主要的货币政策工具的过程。
