World Economy

HK Currency Peg to Remain

HK Currency Peg to RemainHK Currency Peg to Remain

The head of Hong Kong’s central bank said on Monday it has no plans to change the Hong Kong dollar’s peg to the US currency despite recent volatility in the market, CNBC reported. Norman Chan, chief executive of the Hong Kong Monetary Authority, speaking at the Asia Financial Forum, added that the money market had been operating smoothly so far despite the volatile market. The Hong Kong dollar fell to more than four-year lows earlier in the day as volatility, weak global markets and capital outflows hurt investor sentiment.