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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": "HK’s Inflation Problem Will Likely Get Worse",
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      "text": "Near zero US short-term interest rates for two years or more\nDespite high inflation, the HKD is still undervalued by ~30%\nHKD’s undervaluation will only worsen as the RMB appreciates\nBroad money supply (M2) has not yet grown to reflect the full impact of the massive 2008/2009 Monetary Base expansion\nUndervaluation increases the risk that the HKMA will need to print more HKD to keep the currency within the band\nThe HKMA estimates that HK has no spare resource capacity to absorb further demand growth",
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      "text": "Source: 1 “Half - Yearly Monetary and Financial Stability Report” - Hong Kong Monetary Authority, March 2010, p.33.",
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