Opinion: Speculators keep shorting Hong Kong dollar, but it stays stable. They don’t understand how a currency board works, write John Greenwood and steve_hanke
If you believe everything you read in the financial press, the Hong Kong Monetary Authority, or HKMA, has its back against the wall. The Hong Kong dollar is supposedly under attack, forcing the HKMA to defend it. As a result, the authority burned through almost $2 billion of reserves, in U.S. dollars, in March alone. Sensing a devaluation, the bears have awoken from hibernation to speculate.
But we’ve seen this play before—plenty of times, in fact, over the past 35 years. It always ends the same way: with the Hong Kong dollar...
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