Hong Kong's foreign exchange and money markets were stable in 2006, with ample interbank liquidity, Hong Kong dollar interbank interest rates stayed below their US dollar counterparts throughout the year. The benign conditions meant that the Convertibility Undertakings were not triggered and the HKMA did not carry out any discretionary monetary operations. The market remained calm even when the renminbi appreciated beyond the Hong Kong dollar weak-side Convertibility Undertaking.