HKMA's Yam - Catastrophe to drop HK$ peg now

HONG KONG - HKMA chief uses strong words to quash talk of de-pegging from US$ in a speech given on Wednesday.

Hong Kong's quasi central bank yesterday once again vehemently denied that any changes to the city's currency peg to the US dollar are afoot, and added that abandoning the peg now would lead to 'catastrophe'.

'There is no intention or plan to change or abandon (the peg),' Hong Kong Monetary Authority (HKMA) chief executive Joseph Yam told the Hong Kong Institute of Bankers in a luncheon

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