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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: IceShark who wrote (84720)2/21/2000 11:19:00 PM
From: pater tenebrarum  Read Replies (1) of 86076
 
IS, the biggest part of the currency board's reserves are dollars, and the HK dollar is at a fixed rate to the U.S. dollar. the HK monetary authority MUST follow every move the Fed makes. otherwise the currency is attacked, driving overnight rates to the stratosphere.
now i know the HK market makes more extreme moves than WS, and is partly driven by local issues. but the directional relationship is definitely there.
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