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Yahoo BusinessJul 13, 2020
Hong Kong's Unshakable Dollar Suffers Sudden Bout of Drops
(Bloomberg) -- The Hong Kong dollar is suddenly looking vulnerable, after weeks of trading at the strong end of its band against the greenback.Late on Friday, the currency weakened rapidly in its biggest drop since mid-June, when the exchange rate was buffeted by Beijing's decision to impose laws curbing dissent in the city. The decline was unexpected, given persistent inflows into the former British colony, but may have been triggered by concern about possible financial sanctions and a narrowing of the yield gap between the Hong Kong and U.S. dollars.Traders are watching the Hong Kong dollar closely for any signs of outflows from the former British colony amid worsening U.S.-China tensions and doubts over the city's future as a financial hub. Over the weekend almost 600,000 residents defied the new security law to vote in primaries held by pro-democracy opposition parties, even after a government minister suggested that participating could run afoul of the law."The depreciation might be an early sign of concerns over the U.S.'s financial sanctions as supportive factors such as large listings and dividend payments may start to cool down later in July," said Ken Cheung, chief Asian currency strategist at Mizuho Bank Ltd. "The narrower rate spread with the greenback is also hurting the Hong Kong dollar, which may stay away from the strong end and weaken to 7.7550 in the near term."The Hong Kong dollar was 0.02% stronger as of 12:22 p.m. local time on Monday, after falling to as low as 7.7527 per greenback in

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