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Re: HKD

Postby behappyalways » Mon Apr 13, 2015 1:53 pm

Hong Kong Defends Currency Peg for Second Day as Stocks Jump
http://www.bloomberg.com/news/articles/ ... ugust-2014
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Re: HKD

Postby winston » Thu Aug 27, 2015 6:27 am

Possible scrapping of the Hong Kong dollar peg.

With the devaluing of the yuan, our currency looks sharply overvalued. Its low is now near 7.75, the high end of its trading range. But officials have kept reassuring us the peg will stay.

Source: Dr Check, The Standard HK
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Re: HKD

Postby winston » Tue Sep 01, 2015 5:42 pm

Hong Kong Buys $800 Million to Keep the City's Currency Pegged

by Fion Li

Source: Bloomberg

http://www.bloomberg.com/news/articles/ ... llar-s-peg
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Re: HKD

Postby winston » Thu Sep 03, 2015 7:43 am

Marc Faber: Short the Hong Kong Dollar

http://www.msn.com/en-us/money/money/ma ... vp-AAdRWbb
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Re: HKD

Postby winston » Sat Sep 05, 2015 6:39 pm

Hong Kong dollar a natural hedge

By: SURESH RAMANATHAN

Source: The Star

http://www.thestar.com.my/Business/Busi ... ?style=biz
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Re: HKD

Postby winston » Tue Nov 24, 2015 6:24 am

End of HK dollar seen in yuan rise

The Hong Kong dollar will disappear once the yuan becomes freely convertible, global investor Jim Rogers said yesterday.

It will be a much more efficient and cheaper system if people need not convert their currencies to trade or to come here, the American investor said.

Rogers said the disappearance of Hong Kong's currency "would not be shocking," as has happened with many currencies in the past.

He also believes Beijing will allow mainland stock markets to hit their "natural bottom" and start over.

Rogers said this was better than intervening in the market which Beijing has done before as this only succeeds in "making people feel better in the short term."

He hopes mainland regulators would stop hindering short selling as this is a good way to prevent stocks being priced too low or too high.

Rogers said the bulk of his assets is denominated in US dollar, followed by the yuan and the Hong Kong dollar.

The US dollar may not be a safe haven in the future as the level of US public debt has reached a historical high, he said. He may consider offloading some of his US dollar assets if there is turmoil.

Meanwhile, Jing Ulrich, managing director and vice chairman for Asia Pacific at JPMorgan Chase, said a change in the Hong Kong dollar peg to the greenback is unlikely in the near term.

China's economy is set to grow more slowly, Ulrich said, adding quality, not quantity, of growth is more important.

Source: The Standard HK
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Re: HKD

Postby winston » Fri Jan 15, 2016 7:40 am

HK dollar slumps on yuan woes

The Hong Kong dollar posted its worst fall in 12 years against the greenback in late local trade yesterday, as bets on more yuan depreciation spilled over to the local currency market.

Traders reported funds selling the Hong Kong dollar against the greenback , with some firms also pulling back from converting their offshore yuan deposits into the local dollar.

The sharp drop in the local dollar its biggest since late 2003 when a deadly outbreak of SARS swept the territory took market participants by surprise and pulled the currency from the stronger end of its trading band.

"The offshore yuan has been falling again today which has put pressure on the Hong Kong dollar," said Kenix Lai, a senior market analyst at Bank of East Asia in Hong Kong. "Hong Kong is facing headwinds with the Hang Seng Index below 20,000 and sentiment in the retail and property markets remaining weak."

In late afternoon trade, the local dollar suddenly sank to 7.7810 per dollar, its lowest since December 2011 from 7.7605 earlier, a large move for a pegged currency. It closed at 7.7620 per dollar on Wednesday.

Traders said there was some unwinding of Hong Kong dollar carry trades, using the local dollar to fund Chinese assets, as well as some funds aggressively buying dollars.

The move in the cash market was accompanied by a spurt in trading volumes and a rise in implied volatility a gauge of expected currency swing in the derivatives markets.

The Hong Kong dollar is pegged to the US dollar on a fixed exchange rate of HK$7.80 per dollar and allowed to fluctuate in a tiny 7.75 - 7.85 band.

HSBC expects the yuan to weaken to 6.7 per US dollar by the year-end.

"The yuan is not being manipulated lower. There is a weakness in the economy and rates are coming down," said HSBC global head of foreign exchange strategy David Bloom.

As for stocks, the Shanghai benchmark rebounded 2 percent as some investors bet that the lows hit during last summer's rout would not be so easily breached.

Hong Kong shares, meanwhile, bounced off fresh 2 lows hit after a Wall Street slide, paring losses after a sharp rebound in mainland stocks eased the gloom stemming from a tumble in global stocks. The Hang Seng Index fell 0.6 percent, to 19,817.41.

Source: REUTERS
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Re: HKD

Postby winston » Fri Jan 15, 2016 4:10 pm

Hong Kong Dollar De-Peg? Asian Stocks At 2009 Low

By Shuli Ren

Source: Barron's Asia

http://blogs.barrons.com/asiastocks/201 ... -2009-low/
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Re: HKD

Postby winston » Mon Jan 18, 2016 7:11 am

No danger yet, says Tsang

Financial Secretary John Tsang Chun- wah does not see capital flight from the SAR as an imminent danger as the Hong Kong dollar is maintaining its strength.

But that could change soon enough, he warns in his blog, and he also forecasts a poor annual result for the Exchange Fund for 2015.

Although the US dollar- pegged Hong Kong dollar turned weak last week, it remains strong overall, he said.

But capital outflow can be expected "as we had a large amount of inflow" last year.

The Hong Kong dollar dropped 0.4 percent to 7.795 against the US dollar on Thursday and Friday the sharpest two-day depreciation since 1992 as investors pulled out of the falling stock market.

But the local currency is still far from 7.85, the weak side of the convertibility undertaking that would cause the Hong Kong Monetary Authority to sell the US dollar and buy the Hong Kong dollar to maintain stability.

As for the Exchange Fund, Tsang said he is not optimistic about its performance in 2015 as it suffered a "triple whammy" amid global volatility.

Tsang noted that stock markets did little for positive returns last year, bond markets were more stable but lackluster under the low interest rate environment worldwide, while the valuation of the Exchange Fund's non-US dollar assets fell when transferring them into HK dollars due to the US dollar's strength.

The fund earned HK$27 billion in the first half of last year but lost HK$63.8 in the third quarter due to the local stock market rout.

Although the return in October could offset the loss in the earlier nine months, Tsang said, the market environment in the past two months went sour again.

Still, "we should not worry too much about short-turn volatility," Tsang added, because the Exchange Fund is managed in a most prudential manner and is aimed at generating long-term returns for Hong Kong people.

Source: The Standardd
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Re: HKD

Postby winston » Mon Jan 18, 2016 7:11 am

No danger yet, says Tsang

Financial Secretary John Tsang Chun- wah does not see capital flight from the SAR as an imminent danger as the Hong Kong dollar is maintaining its strength.

But that could change soon enough, he warns in his blog, and he also forecasts a poor annual result for the Exchange Fund for 2015.

Although the US dollar- pegged Hong Kong dollar turned weak last week, it remains strong overall, he said.

But capital outflow can be expected "as we had a large amount of inflow" last year.

The Hong Kong dollar dropped 0.4 percent to 7.795 against the US dollar on Thursday and Friday the sharpest two-day depreciation since 1992 as investors pulled out of the falling stock market.

But the local currency is still far from 7.85, the weak side of the convertibility undertaking that would cause the Hong Kong Monetary Authority to sell the US dollar and buy the Hong Kong dollar to maintain stability.

As for the Exchange Fund, Tsang said he is not optimistic about its performance in 2015 as it suffered a "triple whammy" amid global volatility.

Tsang noted that stock markets did little for positive returns last year, bond markets were more stable but lackluster under the low interest rate environment worldwide, while the valuation of the Exchange Fund's non-US dollar assets fell when transferring them into HK dollars due to the US dollar's strength.

The fund earned HK$27 billion in the first half of last year but lost HK$63.8 in the third quarter due to the local stock market rout.

Although the return in October could offset the loss in the earlier nine months, Tsang said, the market environment in the past two months went sour again.

Still, "we should not worry too much about short-turn volatility," Tsang added, because the Exchange Fund is managed in a most prudential manner and is aimed at generating long-term returns for Hong Kong people.

Source: The Standard
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