HKMA's Yam rejects calls to dump dollar peg

The Hong Kong Monetary Authority has said it would resist pressure to re-peg the Hong Kong dollar away from the U.S. dollar and onto the Chinese yuan.

"It's obvious we cannot be linked to the yuan as it is not fully convertible and cannot be used for foreign reserves," HKMA Chief Executive Joseph Yam told the Legislative Council's Financial Affairs Panel.

Yam was responding to a lawmakers' question about the rising yuan and whether Hong Kong should peg its currency to the Chinese currency.