I think HKD should REVALUATE UPWARDS instead of devaluate as we also knew that HK economy is now much more integrating and relating with mainland China economically than before. Chinese CNY exchange rate is now trading at 1 USD = 6.8345 CNY while for HKD which is trading at 1 USD = 7.8025. Hence, HKD should appreciate against USD, then depreciate if unpeg.