IMF says HK peg can withstand strong yuan

The International Monetary Fund on Tuesday 9 January gave its backing to the Hong Kong dollar's peg to the U.S. dollar, saying recent reforms meant the exchange rate could withstand Chinese yuan strength.

In a report the IMF said the exchange rate system can withstand Chinese yuan strength, helped by reforms introduced about two years ago.

"Although the refined system has not been fully tested, it appears to be sufficiently fortified to withstand shocks as well as potentially greater yuan

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