The other possible combination is goals 2 and 3, which is the case when a country permits free movement of capital whilst maintaining a fixed exchange rate. A good example of this is Hong Kong which pegs the Hong Kong dollar rigidly to the US dollar and allows free movement of capital into and out of the country. The price, however, is that it gives up its monetary independence; if the Federal Reserve of the United States raises dollar interest rates then the Hong Kong Monetary Authority (HKMA) has to raise its rates or the Hong Kong dollar would come under speculative attack. Conversely, if the US lowers its interest rates the HKMA more or less automatically lowers its interest rates.