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HKMA |
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8) Bank is supervised by the HKMA on substantially the same terms and conditions as those other banks. The HKMA followed the rules of its currency board system and in one attack, overnight interest rates rose to over 100 percent, creating a semipermanent interest premium on Hong Kong Dollar paper. While the HKMA said in a public statement that it is impossible to quantify the money saved by consumers as a result of lower interest rates, it did note the savings "are likely to be substantial. |
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