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Hong Kong version of the National Security Law | The HKMA reiterates: No plan to change the linked exchange rate system

2020-05-31T03:06:38.056Z

The day before the National People's Congress (28th) passed the "Hong Kong version of the National Security Law," US President Trump held a press conference criticizing China for turning "one country, two systems" into "one country, one system," and announced that special treatment for Hong Kong would be eliminated, and Sanctions weaken Hong Kong ’s self-government officials. The outside world is concerned that the relevant practices will affect the linked exchange rate system between the Hong Kong dollar and the US dollar. The HKMA wrote on Facebook tonight (30th) that there have been rumors that Hong Kong will exercise foreign exchange control recently, reiterating that there is no need or plan to change the effective exchange rate system, emphasizing the ability, resources and determination to maintain Hong Kong ’s currency and finance stable.



Political situation

Author: Zhai Ruimin

2020-05-30 23:14

Last update date: 2020-05-30 23:14

The day before the National People's Congress (28th) passed the "Hong Kong version of the National Security Law," US President Trump held a press conference criticizing China for turning "one country, two systems" into "one country, one system," and announced that special treatment for Hong Kong would be eliminated, and Sanctions weaken Hong Kong ’s self-government officials. The outside world is concerned that the relevant practices will affect the linked exchange rate system between the Hong Kong dollar and the US dollar. The HKMA wrote on Facebook tonight (30th) that there have been rumors that Hong Kong will exercise foreign exchange control recently, reiterating that there is no need or plan to change the effective exchange rate system, emphasizing the ability, resources and determination to maintain Hong Kong ’s currency and finance stable.

The HKMA urges members of the public not to "follow the car too much" and to check the information carefully to prevent "car roaming". (HKMA facebook)

The HKMA urges members of the public not to "follow the car too much". They must carefully verify the information to prevent "charging the car" and emphasize that the free flow of funds and the free exchange of Hong Kong dollars will continue to be protected by Article 112 of the Basic Law. In addition, the HKMA refers to Hong Kong ’s strong financial and financial system and its ability to withstand shocks, including US $ 440 billion in foreign exchange reserves (more than twice the monetary base), strong capital in the banking system (20% capital adequacy ratio), and ample liquidity ( The current coverage ratio is 160%), and the asset quality is good (the bad debt ratio is only 0.6%).

▼ The controversy between the parties of the Hong Kong version of the National Security Law Legislation continues ▼

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Hong Kong version of the National Security Law and Financial Administration

Source: hk1

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