| Abstract | The Hong Kong dollar and its direct link to the US currency through the so-called "pegged rate" has been the subject of some rugged verbal defence by the territory's monetary authorities. Then the territory's de facto central banker, Hong Kong Monetary Authority (HKMA) chief executive, Joseph Yam, issued another warning to speculators that any attack on the currency would be doomed to failure. As the date for the return of sovereignty of Hong Kong to China draws nearer, with the uncertainties that entails, it is probably inevitable that there will be concerns about the local dollar's value and its link to the US currency. |
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