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Articles: Currency board/ peg
Yam's Thick Peg
After 18 months of destructive ambiguity, in which interest rates have been on the floor and property prices bubbling up to the ceiling, Joseph Yam has admitted the need for a two-way convertibility undertaking on the Hong Kong dollar. The bad news is that, for the sake of preserving bankers' jobs and banks' profits, we have a thick peg, 10 cents wide, and continuing uncertainty, rather than a fixed exchange rate. (27-May-2005)
Destructive Ambiguity
The Hong Kong dollar was pegged twenty years ago today. We take aim at Yambo's latest whacky doctrine of "constructive ambiguity". The whole point of the peg in 1983 was to reduce uncertainty, not increase it. Uncertainty attracts speculators and certainty turns them off. So how can you profit from all this? We'll tell you. (15-Oct-2003)
Creeping Dollarisation in HK
After ruling out dollarisation as an option in its Financial Market Review in 1998, the Government is embarking on a course that will lead to the next best thing. We take a look ahead to how the introduction of a US Dollar clearing system in Hong Kong may eventually lead to the sidelining of the Hong Kong Dollar to pocket change. (23-May-2000)
Government Stock Market Intervention
A commentary on the Hong Kong government's controversial intervention in the local stock market, which began on 14-Aug-98. This article covers our various activities in this area in 1998-1999, before Webb-site.com was launched in Nov-1999. (31-Jan-1999) |
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