Weaker currency pushes Hong Kong down on cost of living to fourth most expensive in the world squib
Hong Kong dropped two places to the fourth most expensive city in the world, due to its weakening currency and low inflation, according to the latest cost of living survey conducted by the Economist Intelligence Unit.
The city’s currency, pegged with the US dollar since 1983, weakened to a three-decade low last week. It was traded at 7.8406 per US dollar, declining around one per cent for the past 52 weeks.
“We expect the down pressure on the currency to continue into the next year...