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Hang Seng Index closes high as RMB is revalued

Updated: 2005-07-25 14:15

A man walks past a panel displaying the closing Hang Seng Index in Hong Kong July 22, 2005. Hong Kong stocks closed more than one percent higher on Friday, with property counters outperforming after China revalued the yuan by 2.1 percent and abandoned the currency's decade-old peg against the U.S. dollar. The blue-chip Hang Seng index closed up 1.14 percent, or 166.32 points, at 14,786.46. [Reuters]