I had a big discussion with a colleague about HK$ vis a vis US$.
Someone observes that Hong Kong businessmen are demanding to be paid in HK$ when doing international trade. Thus demand of HK$ is driving down US$.
I disagree. I said the demand for HK$ is not the cause of the slide of US$.
I welcome your comment, so that my associate can see what is thinking out there.
(After thought: assume no currency peg)
Thanks.