No plans to change to U.S dollar peg: Hong Kong’s finance secretary

In a statement Hong Kong’s finance secretary Paul Chan said, Hong Kong has no plans to change its currency’s peg to the U.S. dollar and that it has not seen any “obvious” capital outflows following a move by the United States to strip the Asian financial hub of its special status in U.S. law.

Authorities are confident in defending the Hong Kong dollar exchange rate, said Chan.

Hong Kong’s foreign exchange reserves are twice the size of its entire monetary base and liquidity in the banking system is “very healthy and strong”, said Chan.

He went on to add, capital will continue to freely flow in and out of Hong Kong.

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