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Opinion

Time to scrap Hong Kong's currency peg

Defending the US dollar link wastes money better spent on housing and social care

| Hong Kong, Macau
Defending the Hong Kong dollar's peg to the U.S. currency takes away resources from spending for a better economic future.

Hong Kong is waging an intensifying battle against currency traders. Since April, the territory spent at least $9 billion defending its peg to the U.S. dollar, and there is plenty more where that came from.

The city's monetary authority is reminding speculators it has $434 billion more in firepower. Trumpeting the world's largest per capita foreign exchange reserves is central banker-speak for "do not try us."

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