{
  "docId": "019dd923-622c-750b-8b9b-5d9cdee5e75f",
  "docSlug": "6e4856b01af3",
  "documentTitle": "Hong Kong Dollar / Hong Kong Monetary Authority (HKMA) (HKD)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2011-09-14 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 33,
  "pageCount": 151,
  "prevPage": 32,
  "nextPage": 34,
  "slideType": "key_messages",
  "function": "establish_context",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "The slide uses a quote from Tony Latter to reinforce the importance of central bank credibility.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-5d9cdee5e75f/33",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-5d9cdee5e75f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-5d9cdee5e75f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-5d9cdee5e75f#slide-33",
  "components": [
    {
      "bbox": {
        "h": 0.35,
        "w": 0.8,
        "x": 0.12,
        "y": 0.23
      },
      "kind": "list",
      "text": "US monetary policy established tremendous credibility in the Volcker era\nThere was no other viable anchor – Precious metals had been discredited and Sterling was a secondary currency\nThe US was a major HK trading partner\nThe USD was commonly used in international trade and finance",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "73af2e43-0375-4f51-8af3-fa01b2969e74",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.84,
        "x": 0.08,
        "y": 0.675
      },
      "kind": "quote",
      "text": "The crucial factor is that there should be confidence that the anchor currency will be managed responsibly by its central bank.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "17701ed3-b93a-4c1e-a01a-ec59ca95442b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“The crucial factor is that there should be confidence that the anchor currency will be managed responsibly by its central bank.” — Tony Latter, Former HKMA Deputy Chief Executive and co-architect of the peg",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0f19-73dd-8eab-c54c9ec8fc05",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.45,
        "x": 0.07,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: “Hong Kong’s Money: The History, Logic and Operation of the Currency Peg” - Tony Latter, p.56.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a8a07a75-3ade-470e-af1b-fe0ef0eff5ba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "Why Did HK Choose the USD as an Anchor in 1983?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3900b78a-0a42-464e-bb4e-626de05e73f1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 40,
      "from": 21,
      "beatId": "1ca11cd6-069f-4408-828b-7151ad122456",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The presentation agitates the problem by highlighting the consequences of not addressing the economic challenges, including social unrest and a growing wealth gap.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}