Buy now at 1983 prices
After 30 years, Hong Kong’s peg to the American dollar is still going strong
“WHATEVER exchange-rate system a country has, it will wish at some times that it had another one,” according to Stanley Fischer, a former central banker. Many countries find it hard to cope with a floating currency and even harder to stick to a fixed one. It is therefore remarkable that Hong Kong this week celebrated the 30th anniversary of its currency’s peg to the dollar.
This article appeared in the Finance & economics section of the print edition under the headline “Buy now at 1983 prices”
From the October 19th 2013 edition
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