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Hong Kong finance secretary says no plans to change US dollar peg

Hong Kong finance secretary says no plans to change US dollar peg

People with protective masks are seen in Hong Kong, Mar 23, 2020. (Photo: Reuters/Tyrone Siu)

HONG KONG: Hong Kong had no plans to change its currency's peg to the US dollar and the Asian financial hub has not seen any "obvious" capital outflows after Washington moved to strip the city of its special status in US law, the city's finance secretary said.

READ: US firms in Hong Kong awake to 'sad day' as Trump vows to curb economic ties

Paul Chan said on Monday (Jun 1) that authorities were confident in defending the Hong Kong dollar exchange rate, with foreign exchange reserves twice the size of the entire monetary base and liquidity in the banking system "very healthy and strong".

Chan added capital will continue to flow freely in and out of Hong Kong.

READ: US revocation of Hong Kong's special status 'barbaric': China's HK office

 

Source: Reuters/ad

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