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FOREX: The HKD has been garnering attention in recent times as USDHKD nears the
top of the trading band permitted by the HKMA (7.85), last trading at ~7.8435.
- HKMA chief Chan took to the wires in early European hours on Thursday, noting
that people shouldn't worry about the weakening of the HKD, as he stated that
the HKMA will ensure that the pair doesn't exceed 7.85.
- Chan also noted that the HKMA has no immediate plan to issue additional bills.
- HSBC say that this leaves them with the following tools to defend the top of
the band, if it gets that far; the discount window, direct intervention in the
FX market and a mandate introduced in 1988 (still unused) allowing the HKMA to
impose negative nominal interest rates should speculative flows become too