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UBS brushes off Hong Kong’s FX fears; banks on currency board system

Hong Kong’s retailers will have undoubtedly felt the impact of a weaker yuan but the broader market concern is the possibility of a devaluation of the HKD—a scenario UBS views as unlikely. The Swiss major predicts USDHKD rates to stay within the historical band of 7.75-7.85 and HKD interbank rates increases to coincide with the gradual rise in US rates….

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