| RMB appreciation won't change HK's rate system, Joseph Yam says |
| Friday,December 01,2006 Posted: 07:12 BJT(2312 GMT) Xinhua |
HONG KONG, Nov. 30 -- The appreciation of renminbi (RMB) will not affect Hong Kong's Linked Exchange Rate system, Hong Kong's monetary chief Joseph Yam said Thursday. In his weekly Viewpoint column issued Thursday on the authority's website, Yam said the recent changes in the renminbi exchange rate have arisen naturally out of the development of the mainland economy, which may actually positively impact the city's competitiveness. He said although the appreciation of renminbi may raise the cost of trips to the mainland and the price of imported goods, there are also likely to be some beneficial effects on Hong Kong's economy, benefiting local tourism and retail sectors. Therefore, Yam said, the recent movement in the renminbi exchange rate has had no effect on the Hong Kong dollar exchange rate and will not affect the city's monetary policy. "It is clear that our Currency Board system is functioning effectively. Of course we can not rule out the possibility that there may be some psychological effect on the markets as the renminbi exchange rate reaches 7.8, and we will be keeping a close watch on developments," Yam said. However, Yam said he believed there is no logical reason why appreciation in the renminbi exchange rate should lead to any change. |
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