Hong Kong's stocks fell the most in almost three weeks, the city's currency weakened and equity-market volatility surged amid the biggest police crackdown on protesters since the city returned to Chinese rule.
Hong Kong should study options for the city's 31-year-old peg to the U.S. currency, including possibly linking it to China's yuan, according to HSBC Holdings Plc Group Chief Executive Asia Pacific Peter Wong.
The Hong Kong dollar is pegged at 7.8 to the U.S. dollar, but can trade between 7.75 and 7.85. Under the currency peg, which has been in place since 1983, the HKMA is obliged to intervene when the Hong Kong dollar hits 7.75 or 7.85 to maintain the band.
In Tseung Kwan O, a neighborhood to the northeast in the New Territories, new properties have recently sold for as little as 10,000 Hong Kong dollars, or $1,290, per square foot, about half that of the units at Le Riviera. Even in these neighborhoods ...
Hong Kong's de facto central bank bought $690 million on July 25 to defend the city's 31-year-old peg to the U.S. dollar as it expects demand for the local currency to continue. �Having regard to the on-going listings, mergers and acquisitions, and ...
South China Morning Post (subscription) - Sep 25, 2014
Housing costs are becoming a serious impediment to Hong Kong's growth and youth opportunities. Beijing's currency manipulation of the renminbi is spilling over into Hong Kong by way of local market pressure on the Hong Kong dollar. Something must give.