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Journal Date 20 May 2003 Title Sliding greenback boosts economy South China Morning Post Author Kelvin Chan Summary Not only Asian countries cannot recover their economies but also in US she is suffering from the economic down turning for a long time after the worldwide economic deterioration In recently US dollars deepening slide against the euro and other main currencies Thus the lower level dollar exchange also occurs in Hong Kong because of the linked exchange rate with US dollars However according to some economists and business leaders said this phenomenon would cause some positive effects on Hong Kong For instance the lower costs and prices and it will lead Hong Kong to be a more competitive city Actually many investors started to sell greenback since the US Treasury Secretary hinted that the US government was abandoning its strong-dollar policy to boost economic growth While US is facing the suffering of economy in contrast people in Europe are enjoying the increase in purchasing power because of currency movements In Europe many businesses are using US dollars as their currencies therefore the falling in greenback will cause an effect on increasing exports of these countries In addition some professors point out that although the slide of US dollars cause out a benefit to Hong Kong there only has very little effect on it it will only slightly pick up the export of Hong Kong because most of Hong Kongs imports are from the same places its exports go to Analysis In the past US mainly concerned on how to apply the policy in order to strong US dollars And many investors like to hold greenback as their currencies because of the stability of US dollars Indeed the higher US dollar can have several advantages One of the examples is that it can help to collect money easily since people like to invest in US stock market And it helps to convey US dollars
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