If it ain’t broke, don’t fix it. That is the reaction in Hong Kong to the suggestion by Joseph Yam that the territory should consider breaking its currency’s 28-year-old peg to the US dollar.
Mr Yam, who ran the Hong Kong Monetary Authority for 16 years until 2009, made waves on Tuesday by proposing that the Hong Kong dollar could be managed in a more flexible fashion against the dollar, renminbi or a basket of currencies.
Abandoning Hong Kong’s currency board would give policy makers the freedom to adjust monetary policy “to serve the public interest better”, Mr Yam wrote in a paper.
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