The Chinese tanks on Hong Kong’s border are being met with a new modern weapon, an attempted speculative attack on the Hong Kong Dollar (HKD).
That currency is pegged to USD with an upper rage of 7.85 HKD to the dollar. Rumors however are circulating this peg will be breached as CNY devalues.
It’s not about the protest, some Hong Kongers say on online social media, it’s about financial protection.
Some 70 million Hong Kong dollars, worth about $12.5 million, were withdrawn as of Thursday.
Banks say they’re able to cope, but this does not appear to be quite a bank-run. Instead they’re encouraging conversion to “especially the US dollar,” but also other foreign currencies for “protection.” Read More at TrustNodes...