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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": "The chart uses 1-Month HIBOR less Underlying CPI to calculate real interest rates.",
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      "text": "Interest-rate parity with the US means Hong Kong suffers frequently from inappropriately high and low real interest rates",
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      "text": "High negative real interest rates have contributed Hong Kong’s current and prior asset bubbles",
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      "text": "Source: Bloomberg. \"Monthly Report on the Consumer Price Index\" - Census and Statistics Department, Hong Kong SAR Government, Underlying Inflation.",
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      "text": "High Negative Real Interest Rates Today",
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