Renminbi/Hong Kong

FT (subscription required) on the effect of rinminbi speculation on Hong Kong. FT.com / Lex - Lex live: Renminbi/Hong Kong: "The capitalist enclave is awash with hot money betting on currency appreciation across the border. That creates inflationary pressure against which Hong Kong � having effectively handed monetary policy to the US via its currency peg � has scant defence. Hong Kong�s de facto central bank has raised the warning flag on inflation and taken unprecedented steps � including, reportedly, intervening in the swaps market. It is now pondering (minor) technical adjustments to the peg."