ANALYSIS: Dollar peg critical to Hong Kong
to begin withdrawing privileges enjoyed by the city under U.S. law have unsettled investors.
Hong Kong interbank rates HIBOR=are higher than their U.S. equivalents LIBOR=, helping keep the HKD strong in spite of concerns about outflows related to the new law. Analysts say the White House cannot hurt the peg in Hong Kong, one of the world’s largest U.S. dollar trading centres, without also hampering the greenback’s hegemony as a global currency.“For the U.S. dollar, exorbitant privilege is not risk-free,’’ Geoff Yu, Senior EMEA Market Strategist at BNY Mellon, said in a note.
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