Now is not the best time to buy the Hong Kong dollar and Chinese yuan; The risk of a strong exchange rate correction is quite high. Candidate of Economic Sciences Mikhail Zeltser, stock exchange expert at BCS World of Investments, told socialbites.ca.
According to him, this risk has not decreased despite the local depreciation of the ruble.
“The Yuan and the Hong Kong dollar are no longer exotic currencies for Russians. Its turnover on the yuan exchange is higher than that of the US dollar and euro, sometimes even higher than their combined value. And the Hong Kong dollar should be considered a counterpart to the US dollar, but with lower infrastructure risks to the Western currency. “At the same time, the rates of the two dollars are completely synchronized due to the tight connection between the US dollar and the Hong Kong dollar and almost minimal volatility in this currency pair,” he said.
The economist summarized that the growth of the dollar certainly leads to the growth of the Hong Kong currency and vice versa.
In the spring, the Hong Kong dollar entered the top five most popular currencies among Russians; It was chosen by 6.9% of respondents in a survey conducted by the Finam company. 34.9 percent of citizens preferred the ruble. While the US dollar ranked second (28.3%), the Chinese yuan was in the top three (17.4%). The euro, used by 8.4 percent of citizens, ranks fourth.
Now the Hong Kong dollar exchange rate is 12.85 rubles, and the yuan is 13.74 rubles. At the close of trading on the Moscow Stock Exchange on Friday, the dollar rate was 100.405 and the euro was 105.7725 rubles.
Babin, formerly BCS World of Investments expert named The Hong Kong dollar is an alternative to the US dollar and euro.
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.