Pressure on Hong Kong to revalue its currency, firmly pegged to the US dollar since 1983, is mounting. A consensus is growing that the current level of the Hong Kong dollar and interest rates are far too low given the city’s strong economic performance.
In fact, prime brokers in Hong Kong are convinced that the local government will reset the peg or abandon it altogether so that it can raise interest rates.
Many are offering their hedge fund clients a trade to bet on revaluation of the Hong Kong dollar, which involves borrowing US dollars to buy Hong Kong dollars, according to market participants.
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