HONG KONG, Nov. 30 (Xinhua) -- The appreciation of renminbi (RMB) will not affect Hong Kong's Linked Exchange Rate system, Hong Kong's monetary chief Joseph Yam said Thursday.

In his weekly Viewpoint column issued Thursday on the authority's website, Yam said the recent changes in the renminbi exchange rate have arisen naturally out of the development of the mainland economy, which may actually positively impact the city's competitiveness.

He said although the appreciation of renminbi may raise the cost of trips to the mainland and the price of imported goods, there are also likely to be some beneficial effects on Hong Kong's economy, benefiting local tourism and retail sector