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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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  "notes": "This appears to be a page from a formal government or policy document, likely related to the Hong Kong Exchange Fund.",
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      "text": "The formal commitment of the Exchange Fund will be limited to redeeming any amount of the note issue at the fixed rate.",
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      "text": "have been held with the two note-issuing banks. Both are aware of the benefits which the scheme would bring if successful, and the problems that would loom it it was badly received.",
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      "text": "21 Senior and able monetary experts from the Bank of England and UK Treasury visited Hong Kong last week to study the proposal. Their conclusion was that the scheme was technically feasible and in many respects desirable.",
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      "text": "22 Section 4(1) of the Exchange Fund Ordinance (chapter 66) states that the note-issuing banks should pay the face value of Certificates of Indebtedness to the Exchange Fund.",
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      "text": "23 As outlined earlier, the thrust of the scheme is to shift the burden of adjustment to crises in confidence away from the exchange rate and onto the banks and hence borrowers.",
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