HKMA says currency peg changes have worked well

An advisory body to the Hong Kong Monetary Authority (HKMA) has said the refinements that the HKMA introduced in May to Hong Kong's more than 20-year-old fixed currency peg have so far worked smoothly.

The Currency Board Sub-committee said in a statement that Hong Kong dollar interest rates had tracked the trend in US dollar interest rates more closely, 'despite some slight tightening of interbank rates associated mainly with a number of equity initial public offerings.'

The aggregate balance

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