US Treasury yields surged again overnight, boosting the US dollar vs the yen and the Aussie and Kiwi dollars. US stocks slumped 1.5-2%. The yen spiked after briefly going through 150, triggering unconfirmed talk of intervention.

In part one of our bonus deep-dive interview, ANZ’s Chief Economist for Greater China Raymond Yeung explains the importance of the Hong Kong dollar’s unbroken peg with the US dollar on the eve of its 40th anniversary.

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