Hong Kong Pledges Currency Peg After Yam Urges Review
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Hong Kong’s incoming leader, financial secretary and top central banker all pledged their commitment to the city’s currency peg after former monetary chief Joseph Yam called for a review of the link to the dollar.
Hong Kong Monetary Authority Chief Executive Norman Chan, who succeeded Yam in October 2009, said yesterday in a joint statement with Financial Secretary John Tsang that the government is “fully committed” to the peg and has no intention to change it. The city’s Chief Executive-elect Leung Chun-ying, who begins a five-year term on July 1, also said there are no plans to adjust the link.