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(AFX UK Focus) 2009-12-01 06:23
HK dollar recovers ground as Dubai concerns ease
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HONG KONG, Dec 1 (Reuters) - The following is a snapshot of the Hong Kong foreign exchange and money market on Tuesday.
Latest Previous Day
At 0531 GMT At 0539 GMT


HK$ SPOT 7.7501/02 7.7502/03

FORWARDS


Three-month -62/-59 -57/-52
Six-month -128/-122 -114/-106
One-year -258/-248 -240/-220

INTERBANK RATES (PERCENTAGE)


Overnight 0.00001 0.00001
One-month 0.005/0.05 0.02/0.05
Three-month 0.05/0.10 0.05/0.10
Six-month 0.20/0.25 0.20/0.23
One-year 0.43/0.53 0.45/0.55

For more live quotes of forwards and interbank rates, click on.

  • THE HONG KONG DOLLAR MOVED IN A NARROW RANGE ON TUESDAY, consolidating after it hit a two-month low against the U.S. dollar in the previous session.

  • ONE DEALER AT A LOCAL BANK SAID DEMAND FOR THE U.S. currency had dwindled, with sentiment lifted by a rally in the stock market.

  • THE LOCAL CURRENCY TRADED BETWEEN 7.7500 AND 7.7502 on Tuesday, recovering from Monday's low of 7.7506 versus the U.S. dollar.
    The Hong Kong dollar had weakened on Monday morning as

    dealers said some foreign banks were repatriating funds back to their home countries amid concern about the potential fallout from Dubai's debt problems.

  • HONG KONG STOCKS EXTENDED GAINS ON TUESDAY AS CONCERNS OVER Dubai crisis eased sending banking shares higher.
    The Hang Seng Index was up 0.55 percent, while the

    China Enterprises Index of top locally listed mainland Chinese stocks rose 1 percent at the midday break.

  • DUBAI WORLD, THE HOLDING COMPANY AT THE HEART OF THE DUBAI crisis, on Monday announced a restructuring plan involving $26 billion in debt. However, the Dubai government said it was not responsible for the debts of Dubai World, dealing a blow to creditors' assumptions that the Arab emirate would guarantee the conglomerate's liabilities.

  • SOME DEALERS EXPECTED THE USD/HKD SPOT RATE TO TRADE IN A narrow range of 7.7500-7.7505 in the next few days, as they eyed U.S. economic data due later this week for fresh trading cues.

  • THE HONG KONG DOLLAR IS PEGGED AT 7.80 TO THE U.S. DOLLAR but can trade between 7.75 and 7.85. The Hong Kong Monetary Authority (HKMA) is usually obliged to intervene when the local currency hits 7.75 or 7.85.

  • LOCAL INTERBANK RATES EXTENDED THEIR DECLINE ON TUESDAY because of abundant liquidity in the banking system.
    Three-month Hibor was fixed at 0.10000 percent,

    its lowest level since February 2004, and it was down 8 basis point in the past month.

  • THE HONG KONG GOVERNMENT WILL RELEASE RETAIL SALES DATA FOR October at 0830 GMT.

    MARKET/ECONOMIC NEWS

    > Stock market reports and updates: > Yuan reports and updates: > U.S. dollar reports and updates: > Emerging Asia forex reports and updates: (Reporting by Christina Lo; Editing by Jacqueline Wong) ((christina.lo.reuters.com@reuters.net; +852 2843 6960; Reuters Messaging:christina.lo.reuters.com@reuters.net))
    For more information on Top News, visit http://topnews.reuters.com Hong Kong news Hong Kong stock report China news Hong Kong hot stocks All foreign exchange Hong Kong diary Press digests Keywords: MARKETS HONGKONG/FORWARDS

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