You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login

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

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Latest Breaking News Donate to DU
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

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.

Printer Friendly | Permalink |  | Top

Home » Discuss » Latest Breaking News Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC