Page 168 - Hong Kong Housing Society 香港房屋協會 - Annual Report 2019 年報

166 audited Financial Statements 已審核財務報表

NOtES tO tHE FiNANCiAl StAtEMENtS
財務報表附註

5. Financial risk management objectives and 5. 財務風險管理目標及政策（續）

policies (continued)
(c) Market risk (c) 市場風險

Market risk is the risk of loss arising from the movement of 市場風險是因外幣對換價、利
foreign exchange rates, interest rates and market price of 率及證券入市價的變動所產生
securities. The Housing Society is exposed to market risk 的損失。房屋協會因透過股票
through its investments in equities and fixed income 及固定收益組合投資而須面對
investments. 此等市場風險。

(i) Foreign exchange risk (i) 外幣對換風險
The Housing Society’s foreign currency positions arise 房屋協會的外幣持倉主要
mainly from its financial assets and liabilities 來自其非港元及美元的外
denominated in currencies other than Hong Kong dollar 幣財務資產及負債。而因
and United States dollar. The exchange risk between 港元及美元的對換已是掛
Hong Kong dollar and United States dollar is considered 鈎，所以對換風險不大。
insignificant since Hong Kong dollar is pegged to United
States dollar.

The Housing Society is exposed to foreign currency risk 房屋協會面對外幣對換風
through its fixed deposits, equity investments and fixed 險主要是來自定期存款、
income investments. The foreign exchange risk on fixed 股票及固定收益組合。外
deposits is controlled and monitored by allocation limits. 幣定期存款的風險是以分
The equity and fixed income investments, which are 配限額來控制及監察。以
managed by fund managers, are denominated in a 一藍子貨幣列賬的股票及
basket of currencies. The fund managers are encouraged 固定收益組合則由基金經
to hedge their foreign currency exposures to Hong Kong 理管理，並根據投資守則
dollar or United States dollar in accordance with the 將 外 幣 對 冲 為 港 元 或 美
investment guidelines. 元。

Hong Kong Housing Society Annual Report 2018/19