Market News
Hong Kong sees no need to change US dollar-pegged currency system - REUTERS
Summary
- Hong Kong dollar pegged in tight band versus US unit
- Recent rally has brought it close to testing upper end of band
- Hong Kong's monetary authority chief says can defend the system
HONG KONG/SHANGHAI, Jan 9 (Reuters) - Hong Kong has no intention and sees no need to change the system that pegs the city's currency in a tight band to the U.S. dollar and has the ability to defend it, the chief executive of Hong Kong's de facto central bank said on Thursday.
Eddie Yue made the remarks amid recent strength in the Hong Kong dollar , which surged to a 3-1/2 year high against the U.S. currency last week, not far from testing the strong end of the system's trading band.
