2010年5月31日星期一

Hong Kong Yuan Deposits Climb 14% on Outlook for Gain

"Hong Kong Yuan Deposits Climb 14% on Outlook for Gain | AboutHK.Com - More Information About HK"

Bloomberg

Yuan deposits at Hong Kong banks climbed 14 percent last month, the biggest increase in a year, as residents bet China’s will end the currency’s 22-month peg to the U.S. dollar.

Deposits in the currency climbed to 80.9 billion yuan ($11.8 billion) in April from 70.8 billion yuan the previous month, according to figures from the city’s monetary authority.

President Barack Obama, pressed by the U.S. Senate, last month urged China to allow a more flexible yuan, which has been pegged to the dollar since 2008. Expectations for appreciation eased this month as sovereign debt concerns in Europe helped China’s currency strengthen 17 percent this year against the euro.

Twelve-month non-deliverable forwards traded at 6.7475 as of 4:23 p.m. in Hong Kong, reflecting bets the yuan will strengthen 1.2 percent from the spot rate of 6.8281. The contracts at the end of April predicted a 3.2 percent appreciation over one year. Individuals in Hong Kong are allowed to exchange 20,000 yuan per day, according to the HKMA’s Web site.

--Editors: Sandy Hendry, James Regan

To contact the reporter on this story: Bob Chen in Hong Kong at bchen45@bloomberg.net This e-mail address is being protected from spambots. You need JavaScript enabled to view it ; Sophie Leung in Hong Kong at sleung59@bloomberg.net This e-mail address is being protected from spambots. You need JavaScript enabled to view it

To contact the editor responsible for this story: Sandy Hendry at shendry@bloomberg.net This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

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