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Reply #20: Hong Kong dollar rises on fund inflows [View All]

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Ghost Dog Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-06-06 08:34 AM
Response to Reply #6
20. Hong Kong dollar rises on fund inflows
http://yahoo.reuters.com/news/articlehybrid.aspx?storyI...

HONG KONG, Dec 6 (Reuters) - The Hong Kong dollar extended gains against the U.S. dollar on Wednesday, buoyed by a steady flow of funds into the territory.

The currency <HKD=> had risen to 7.7662/65 against the U.S. dollar by 0408 GMT, its highest level since early July and up from Tuesday's close of 7.7687/90.

"There has been some (U.S.) dollar selling since yesterday afternoon, perhaps related to the IPOs," one trader said.

Another dealer said the local currency's gain was likely in response to the general weakness in the U.S. dollar and expectations of faster yuan appreciation.

China Coal Energy Co. aims to raise up to US$1.7 billion in a Hong Kong initial public offering. The company opened the share sale to retail investors on Wednesday, with a trading debut set for Dec. 19.

The Hong Kong dollar is pegged at 7.80 to the U.S. dollar but can trade between 7.75 and 7.85.

China's yuan <CNY=CFXS> was trading at 7.8237 per U.S. dollar at 0346 GMT, approaching parity with the Hong Kong dollar.

Hong Kong's exchange rate link with the U.S. dollar remains the "appropriate" monetary arrangement for the territoy, despite a rise in the Chinese yuan, the International Monetary Fund said on Wednesday.

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