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Hong Kong shares edge up, but worries about weaker yuan, US rates cap gains

Monday, August 22, 2016 - 16:32

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[BEIJING] Hong Kong's benchmark stock index reversed earlier losses and closed slightly higher on Monday, but gains were capped by concerns about the weaker yuan and uncertainty over when the US central bank will raise interest rates again.

The yuan weakened on Monday as the dollar strengthened globally, while an official index showed that it hit a record low against a basket of trade-weighted currencies last week.

The Hang Seng index edged up 0.3 per cent to 22,997.91 points, while the China Enterprises Index was little changed at 9,602.65.

Investors are hoping more clues on the US rate outlook may emerge from a Federal Reserve gathering this week in Jackson Hole, Wyoming.


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