The greenback/HK dollar digital deposit
Background: 2004 has seen a flood of capital into Hong Kong, attracted by the significant amount of IPOs from mainland Chinese companies and the strong Hang Seng Index. The impact on the HK dollar has been unprecedented strength – a phenomenon further boosted by expectations of a revaluation of the CNY.
The HK$ currency board mechanism obliges the Hong Kong Monetary Authority (HKMA) to sell US dollars at 7.8000, but there is no official requirement to purchase US$ at any rate. However, as
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