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Hong Kong Has No Plans To Change US Dollar Peg

CHINA PRESS
MNI (Singapore)

The Chief Executive of the Hong Kong Monetary Authority (HKMA), Eddie Yue, said on Tuesday there is no plan to change the currency peg to the U.S. dollar in an article published on the HKMA website, calling it the cornerstone of Hong Kong’s monetary and financial stability. Yue said the linked exchange rate system (LERS) has helped Hong Kong weather a succession of shocks and crises, as well as many severe challenges since it was introduced in 1983. Yue noted that whether or not Hong Kong implements the LERS does not seem to be the most critical factor, as many other economies and financial centres are also feeling the pain of high interest rates, even without adopting a fixed exchange rate.

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