Hong Kong’s US-dollar peg gets emphatic defence from HKMA CEO

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Hong Kong’s US-dollar peg gets emphatic defence from HKMA CEO - SCMP

Quick Summary:

Speculation about ending the peg reflects misconceptions due to a lack of understanding’, says head of de facto central bank.

The Hong Kong dollar is linked to the US dollar at a fixed exchange rate of HK$7.80 per US dollar, and the HKMA intervenes to make sure the rate stays within a band from HK$7.75 to HK$7.85.

The CEO of the Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, rejected any possibility of altering the Hong Kong dollar’s 41-year old peg to the US dollar after some commentators warned of possible changes recently.“While risk management is important, let’s not be swayed by unfounded concerns,” Eddie Yue Wai-man said in an article posted on the authority’s website on Thursday.