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HKDUSD suddenly starts tracking USD in 2017. HKD is weakening against USD, implying someone is selling HKD against USD or maybe China is buying USD in HK. USDHKD is slow-motion crashing into the upper peg limit of 7.85, but at least as of end of March, HK hasn't spent reserves defending it. 

Last time this situation happened was October 1997. HK economy now more fragile with even larger housing bubble. Needs to hike rates to stop pressure on HKD (HK rates below USD rates) 
https://e-markets.nordea.com/#!/article/43687/hkd-will-peg-defence-lead-to-bubble-eruption