Chen, Yu-Fu; Funke, Michael; Glanemann, Nicole - 2009
Hong Kong’s currency is pegged to the US dollar in a currency board arrangement. In autumn 2003, the Hong Kong dollar … appreciated from close to 7.80 per US dollar to 7.70, as investors feared that the currency board would be abandoned. In the wake … of this appreciation, the monetary authorities revamped the one-sided currency board mechanism into a symmetric two …