about 2 months ago • 5:29 mins
Bill Ackman is making a bold wager in Asia. The founder and CEO of Pershing Square Capital Management, once dubbed “Baby Buffett” by Forbes, is betting that the Hong Kong dollar (HKD) is going to snap out of its longstanding peg with the US dollar. He says it’s “only a matter of time before it breaks,” and if it does, it could pay off nicely for him. Maybe that’s why he’s not alone in his view. Let’s take a look…
A currency peg fixes one country’s currency to another, usually the US dollar, or to a basket of currencies. The Hong Kong dollar has been pegged to the value of the US dollar since 1983 – and it’s currently allowed to trade between 7.75 and 7.85 Hong Kong dollars per US dollar. When it gets close to either edge of that r
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