HKMA says exchange rate peg important

Hong Kong Monetary Authority chief executive Joseph Yam said it is important to maintain the exchange rate with the HK dollar's peg to the US dollar to safeguard financial stability.

Yam said hedge funds and strong capital flows have made it hard to keep a flexible exchange rate for the Hong Kong dollar and that it is best to keep the currency pegged to the greenback to maintain financial stability.

The HKMA chief executive said the rising yuan would have only a psychological effect rather than

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