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  "documentTitle": "Hong Kong Dollar / Hong Kong Monetary Authority (HKMA) (HKD)",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2011-09-14 00:00:00",
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      "text": "The central element in the scheme which is now proposed is that Certificates of Indebtedness, which are issued by the Exchange Fund to the note-issuing banks to be held as cover for their note issues, should henceforth be issued and redeemed against foreign currency (US dollars) at a fixed rate.",
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      "text": "7 Although the price of Certificates of Indebtedness against US dollars would be the only formal, announced, fixed rate, the processes of competition and arbitrage within the monetary system should bring the market exchange rate to within a small range of the announced rate.",
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      "text": "5 The central element in the scheme which is now proposed is that Certificates of Indebtedness, which are issued by the Exchange Fund to the note-issuing banks to be held as cover for their note issues, should henceforth be issued and redeemed against foreign currency (US dollars) at a fixed rate.",
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      "text": "6 This proposal is neither novel nor untried. There are precedents here and further afield. For instance, an analogous arrangement existed in Hong Kong from 1935 to 1972...",
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