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Article: Yuan looks likely to overtake HK dollar
- Article from:
- China Daily
- Article date:
- January 4, 2007
- Author:
CopyrightCopyright 2007 China Daily. Provided by ProQuest LLC. (Hide copyright information)
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HONG KONG: People in this most affluent of Chinese cities may be
in for a psychological blow. If economists are to be believed, the
Hong Kong dollar is likely to be overtaken by the once humble yuan
"within days", bringing to an end more than 15 years of its superior
existence.
But the irony is that an appreciated yuan will do more good than
harm to the people of Hong Kong.
Though 100 yuan ($12.5) fetched HK$99.6 at the end of 2006,
experts say the order could be reversed in a few weeks. After all,
100 yuan fetched only HK$94 before its latest appreciation in July
2005.
In fact, money exchangers in Hong Kong and neighbouring Shenzhen
are already charging retail customers more than one HK ...