The wonder of a currency board is that it is not meant to allow the authorities any discretion at all: in Hong Kong's case, the three note-issuing commercial banks may print money only by surrendering equivalent dollars to the monetary authority at the set rate.

ECONOMIST: The Hong Kong dollar: Off the peg? | The

Collins Stewart analyst Daniel Ries writes in a research note this morning that he has had multiple conversations in recent days with various permit-issuing groups in Los Angeles County, and that most were unaware that there remained an outstanding permitting issue on the project.

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