FX VOICE: HKMA's defence of the peg
The Hong Kong Monetary Authority intervened twice in one week to maintain the Hong Kong dollar peg. What is driving Hong Kong dollar's appreciation? Will the surge abate soon? CT asks the experts.
Wee-Khoon Chong, Asia rates strategist, Societe Generale CIB (pictured):
Emerging Asia FX has accelerated its appreciation trend against the US dollar following the US Federal Reserve's announcement of a third round of quantitative easing (QE3) in mid September, The surge ranged from 0.7% in Singapore dollars to 3.4% in Indian rupee. There is no exception for the Hong Kong dollar since it once again hit the lower boundary of the band.
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