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HK dollar eases as Yam backs peg
The Hong Kong dollar eased yesterday after the head of the de facto central bank reiterated that the government had no plans to change the system that links the currency with the US dollar.
'The Hong Kong Monetary Authority has the determination and capability to maintain the stability of the exchange rate,' chief executive Joseph Yam Chi-kwong said.
The Hong Kong dollar yesterday fell to HK$7.7575 to the US dollar at one point from the previous HK$7.7503 after the HKMA on Wednesday sold HK$7.828 billion to defend the currency peg.
Analysts said speculative activity - triggered by a report saying Hong Kong officials, including Mr Yam, had lobbied Beijing to allow it to the change the currency peg - had died down.
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