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H.K. to maintain currency peg to U.S. dollar.

HONG KONG, July 21 Kyodo

Hong Kong will maintain its currency peg with the U.S. dollar, the head of the Hong Kong Monetary Authority said Thursday shortly after China dropped its policy of pegging the yuan to the U.S. dollar.

Joseph Yam said at a press conference that the Hong Kong administration has no plan to change the currency system.

In May, Hong Kong loosened its currency peg to the U.S. dollar and set up a trading band, with a floor of HK$7.85 and a ceiling of HK$7.75 to US$1.

Before May, the currency system had prevented the Hong Kong dollar from falling below 7.80 to the U.S. dollar.
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Publication:Asian Economic News
Date:Jul 25, 2005
Words:119
Previous Article:S.E. Asia welcomes China's yuan reform.
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