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Hong Kong gets involved in currency wars

Posted on 26 October 2012

Special Administrative Region of China, Hong Kong, is now involved in the currency wars that take place around the world. Last week, the Hong Kong Monetary Authority (HKMA) conducted currency interventions, having sold its own currency in the amount of 603 million U.S. dollars in just one hour to stabilize the exchange rate of the Hong Kong currency against the U.S. dollar.
The measure was taken after the exchange rate of the Hong Kong dollar against the U.S. dollar fell below $7.75 per U.S. dollar, dropping to the level of 7.7367 during the trading session………………………………………..Full Article: Source


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VRS - who has written 36685 posts on Opalesque Commodities Briefing.


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