Hong Kong’s dollar weakens below low end of trading band as capital flight from China’s stocks gathers pace in escalating trade war

//Hong Kong’s dollar weakens below low end of trading band as capital flight from China’s stocks gathers pace in escalating trade war

Hong Kong’s dollar weakens below low end of trading band as capital flight from China’s stocks gathers pace in escalating trade war

The Hong Kong dollar briefly touched the lower limit of its trading band in late New York trading on Friday, as capital from a withdrawal of exchange traded funds (ETFs) and from China’s stock market was converted back into hard currency.The local currency touched 7.85000 per US dollar in New York, the weak end of a HK$7.7500 – HK$7.8500 trading band against the US dollar, which was introduced in 2005. It is not clear if it was traded at that level.Under the Linked Exchange Rate System, the…

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By | 2019-05-18T12:00:13+00:00 May 18th, 2019|Business|Comments Off on Hong Kong’s dollar weakens below low end of trading band as capital flight from China’s stocks gathers pace in escalating trade war