Chan reminds US hedge fund boss Ackman he will be a loser in bet against HK dollar
(01-14 12:23)
Secretary for financial services and the treasury K. C. Chan, repeating his call last March, said today hedge fund manager William Ackman will be disappointed in his bet against the Hong Kong currency’s link to the greenback.
In an interview with Bloomberg today, Chan said: “There is no question about the peg at all. He will be disappointed. I don’t expect him to realize his bet.’’
Ackman, who heads Pershing Square Capital Management, said in September 2011, the Hong Kong dollar’s peg to the US currency is not viable in the prevailing economic conditions at the time and that “re-pegging is a definite possibility.’’ In a presentation that caught the eyes of policymakers, analysts and investors, Ackman had suggested going long the Hong Kong dollar, estimating a 30 percent revaluation.
But a few months later, Chan had a message for Ackman, when in New York for a Hong Kong government presentation in March, predicting that the American “will lose money.’’
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