HKMA limits spec trading
NEWS
Joseph Yam, chief executive of the Hong Kong Monetary Authority (HKMA), said the cap, imposed on May 18, introduces certainty about the extent to which the exchange rate may strengthen. "It should also reduce the use of the Hong Kong dollar as a vehicle for speculation on a revaluation of the renminbi," he said.
In recent months, Hong Kong has seen flows of hot money into the domestic financial markets as a result of currency speculators using the Hong Kong unit as a proxy to bet on a Chinese
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