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I know that the RMB is pegged against the USD (and other currencies?), but why is the USD and HKD are not moving as I would expect from other currency pairs? Below is the USDHKD pair on the daily chart, and its pretty much either 7.5 or 7.85. Why? What are the mechanics behind it?

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HKD is pegged to USD in the 7.75-7.85 band. What you're observing is by design and is enforced by the Hong Kong central bank. See here or here.

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