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Eddie Yue: HKMA Has No Intention and Sees No Need to Change LERS
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Eddie Yue, Chief Executive at Hong Kong Monetary Authority (HKMA), reiterated in a blogpost that the authority has no intention and sees no need to change the Linked Exchange Rate System (LERS). While risk management is important, people should not be swayed by unfounded concerns, he reminded. Recently, there have been a range of opinions in the community concerning the LERS, mentioned Yue. Many market experts endorsed the LERS as the most suitable monetary arrangement for Hong Kong, and it enjoys robust credibility in the financial markets. Despite the recent interest on LERS and even speculation regarding potential geopolitical shocks, the Hong Kong dollar market continued to operate smoothly in accordance with the design of the LERS. Indeed the Hong Kong dollar has traded within a narrow range on the strong side of the 7.75 - 7.85 range against the US dollar since mid-September of last year, demonstrating the market’s unwavering confidence in the system. AAStocks Financial News |
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