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Financial commentator urges Hong Kong to review the linked exchange rate system

出自香港新聞網 - 樹仁新傳系學生實習習作

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Trevor C LEE 095066 2012年2月7日 (二) 22:50 (UTC)


HONG KONG, FEB 7-Senior financial commentator Chiu Sin-chun said the government must review and improve the linked exchange rate system of Hong Kong, so as to benefit the doomed local economy. (good opening)

The linked exchange rate system, which was adopted in 1983, links the exchange rate of Hong Kong dollar and the United States dollar, guaranteeing to exchange USD into HKD at the rate of 7.8.

By stabilising the exchange rate, investors and businessmen feel secure to keep on running their businesses and investing in local stock market after the Black Saturday financial crisis in 1983.

Chiu commented that the system is old-fashioned (after decades of its implementation-rephrase-as decades have passed since...for example).

He said Hong Kong’s greatest business partner is now the Mainland China, but not the United States, and locals are mainly earning Chinese Renmenbi through entrepot trading and from Chinese tourists.

Chiu suggested the government should consider substituting RMB for USD in the system.

“Most of the consumer goods of locals are imported from mainland China, while RMB has appreciated since 2007, as the exchange rate between RMB and USD surges from 8.26 to 6.3,” Chiu said

“This notes a 30% decrease (of the buying power of locals-rephrase so only one of is used), which is far greater than the official inflation rate, and the local economy suffers(as a result...),” said Chiu, who doubt the government is running the system to serve Beijing’s interest.

Chiu urges Donald Tsang’s office should make a bold move in the future budget (urges+should is incorrect).

Good title, and use of facts and figures. The writing is good as well, except for a few glitches here and there. Avoid using ()s, and making a new paragraph with each sentence. Keep up the good work!
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