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Section A (40 marks) Indicate whether the following statements are true or false (1 mark). Support your answers with justifications (3 marks).

(5) Finance companies are depository institutions that receive deposits from savers and extend loans to borrowers.

(6) Under the currency board arrangement in Hong Kong, the stock and the flows of money supply measured in M1 have to be fully backed up by US dollar assets.

(7) Central banks often use repurchase agreements/reverse repurchase agreements to conduct dynamic open market operation.