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Matthew Brooker

Hong Kong Dollar Bears Are Curiously Quiet. Thank the UK

Hong Kong’s monetary chiefs can raise a glass to Liz Truss and Kwasi Kwarteng for giving global speculators something else to jump on.

Pretty quiet over here.

Pretty quiet over here.

Photographer: DALE DE LA REY/AFP

If there’s one city in the world that has reason to welcome the latest bout of global currency turmoil, it’s Hong Kong. With Britain shooting down the pound, Japan intervening to support the yen for the first time in almost a quarter-century, and Europe’s single currency reaching a two-decade low, there’s less attention on the Chinese territory’s 39-year-old dollar peg.

And that, surely, is how the technocrats at the Hong Kong Monetary Authority want it.