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The Linked Exchange System should be cancelled , said Chiu

出自香港新聞網 - 樹仁新傳系學生實習習作

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The Linked Rate Exchange System has long been prosecuted in Hong Kong since 1983. But due to the appreciation of Renminbi in recent years, many Hong Kong economists argued that Hong Kong government should cancel the linkage of two currenciesChiu Sin Chun, senior financial commentator of Now TV, said that the rate exchange system has lost the timeliness, in a talk of the Shue Yan University on Feb 7.

Under the Linked Exchange Rate System, the exchange rate is HK$7.8 to one US dollar. However, Renminbi started to revaluate in 2005. In the past seven years, the rate of US dollar to Renminbi has raised from 1:8.191 to 1:6.458. Hong Kong dollar was indirectly devaluated due to this appreciation.

" 1:7.8 is not just a rate, there is several meanings behind the system," said Chiu, " We are now in 2012 but not 1983, our circumstance is more closely related to China than USA. But after the appreciation of Renminbi, the purchasing power of Hong Kong people was decreased by 20%." Chiu believed that Hong Kong government should better link the currency with Renminbi instead of US dollar to decrease the rate of inflation.

" The linked Rate Exchange System is now serve for the Mainland government instead of Hong Kong citizen, it is convenient and cheap to the Mainland to exchange US dollar in Hong Kong," Chiu added.


The Linked Rate Exchange System has long been prosecuted in Hong Kong since 1983. But due to the appreciation of Renminbi in recent years, many Hong Kong (ecologists?-check meaning) argued that Hong Kong government should (unlinked-vt?) (x) two currency(change ending, plural form). Chiu Sin Chun, senior financial commentator of Now TV, said that the rate exchange system has lost the timeliness, in a talk of the Shue Yan University on Feb 7.

Under the Linked Exchange Rate System, the exchange rate is HK$7.8 to one US dollar. However, Renminbi started to revaluate in 2005. In the past seven years, the rate of US dollar to Renminbi has raised from 1:8.191 to 1:6.458. Hong Kong dollar was indirectly devaluate(vt) due to this appreciation.

" 1:7.8 is not just a rate, there is several meanings behind the system," said Chiu, " We are now in 2012 but not 1983, our (economics?) is more closely related to China than USA. But after the appreciation of Renminbi, the purchasing power of Hong Kong people (has been decreased-change tense) by 20%." Chiu believed that Hong Kong government should better linked(vt) the currency with Renminbi instead of US dollar to decrease the rate of inflation.

" The linked Rate Exchange System is now serve for the Mainland government instead of Hong Kong citizen, it is convenient and cheap to the Mainland to exchange US dollar in Hong Kong," Chiu added.

Good insight and figures. Be mindful of words that are similar but have diff meanings, as well as the verb tense used in the article.
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