国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

An appreciation of Chinese mainland's currency could reignite speculative flows into Hong Kong property and other assets and increase inflationary pressure, warned the territory's de facto central bank.

"While the trade and demand effects of a renminbi appreciation are likely to be only moderate due to offsetting influences of direct and entrepot trade, the impact on asset markets is potentially more significant," the Hong Kong Monetary Authority (HKMA) said in its half-yearly report on Wednesday.

"In particular, speculative capital flow into the mainland could spill over into the Hong Kong markets, feeding speculation in the property market and increasing general inflationary pressures," the HKMA said.

Speculative flows into Hong Kong on expectations the mainland could soon revalue its currency have eased in the past month since the HKMA introduced a ceiling for the Hong Kong dollar - which is pegged to the US dollar - in a bid to ward off speculators and normalize interest rates.

A stronger renminbi, also known as the yuan, could trigger a sudden rise in inflation because Hong Kong imports most of its food and basic necessities from the mainland. Rising inflation could potentially hurt domestic demand through a negative income effect, the report said.

At the moment, inflation is modest with the government forecasting the consumer price index will rise 1.5 per cent this year.

Joseph Yam, chief executive of the HKMA, has already warned that speculative flows into property could trigger an asset price bubble.

The overall impact on Hong Kong of a stronger renminbi would be mixed, the report said. On the positive side, mainland tourists' spending power would increase and Hong Kong's domestic exports would become more competitive.

(HK Edition 06/16/2005 page3)