No plans to end HK's US dollar peg: CE
No plans to end HK's US dollar peg: CE
The CE says firms should consider the national interest when pursuing commercial deals. Photo courtesy of SCMP.
Chief Executive John Lee says there are no plans to change the city's US dollar peg.
The Hong Kong dollar has been pegged to the US dollar since 1983 under the Linked Exchange Rate System.
The Hong Kong Monetary Authority recently intervened heavily to defend the exchange rate as strong capital inflows, particularly from the mainland, pushed the Hong Kong dollar to the strong end of its trading band.
In an interview with the South China Morning Post published on Monday, the CE said the peg is a cornerstone of Hong Kong's financial success and provides stability, especially during turbulent times.
But he also said the SAR will not solely rely on the peg and will strengthen its position as the premier offshore renminbi hub, to create more trade.
Currently, about 80 percent of offshore renminbi payments are processed through Hong Kong, the CE said.
Lee also called on firms to consider the national interest when pursuing commercial deals.
In March, local conglomerate CK Hutchison was embroiled in controversy over its plans to sell its Panama ports to a consortium led by a US investment firm.
The CE used a metaphor to say that no one should harm the interests of the rest of the family.
'I can't find the logic that you, being a family member, can act against the interests of your family,' he said.
'The family allows you to pursue your best interests. You can be a reporter, you can be a singer. The family allows you to do it. But you don't come back home and destroy all the furniture, right? That can't be reconciled. I think that's simple ABC logic.'
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No plans to end HK's US dollar peg: CE
No plans to end HK's US dollar peg: CE The CE says firms should consider the national interest when pursuing commercial deals. Photo courtesy of SCMP. Chief Executive John Lee says there are no plans to change the city's US dollar peg. The Hong Kong dollar has been pegged to the US dollar since 1983 under the Linked Exchange Rate System. The Hong Kong Monetary Authority recently intervened heavily to defend the exchange rate as strong capital inflows, particularly from the mainland, pushed the Hong Kong dollar to the strong end of its trading band. In an interview with the South China Morning Post published on Monday, the CE said the peg is a cornerstone of Hong Kong's financial success and provides stability, especially during turbulent times. But he also said the SAR will not solely rely on the peg and will strengthen its position as the premier offshore renminbi hub, to create more trade. Currently, about 80 percent of offshore renminbi payments are processed through Hong Kong, the CE said. Lee also called on firms to consider the national interest when pursuing commercial deals. In March, local conglomerate CK Hutchison was embroiled in controversy over its plans to sell its Panama ports to a consortium led by a US investment firm. The CE used a metaphor to say that no one should harm the interests of the rest of the family. 'I can't find the logic that you, being a family member, can act against the interests of your family,' he said. 'The family allows you to pursue your best interests. You can be a reporter, you can be a singer. The family allows you to do it. But you don't come back home and destroy all the furniture, right? That can't be reconciled. I think that's simple ABC logic.'
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3 hours ago
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No plans to end HK's US dollar peg: CE
No plans to end HK's US dollar peg: CE The CE says firms should consider the national interest when pursuing commercial deals. Photo courtesy of SCMP. Chief Executive John Lee says there are no plans to change the city's US dollar peg. The Hong Kong dollar has been pegged to the US dollar since 1983 under the Linked Exchange Rate System. The Hong Kong Monetary Authority recently intervened heavily to defend the exchange rate as strong capital inflows, particularly from the mainland, pushed the Hong Kong dollar to the strong end of its trading band. In an interview with the South China Morning Post published on Monday, the CE said the peg is a cornerstone of Hong Kong's financial success and provides stability, especially during turbulent times. But he also said the SAR will not solely rely on the peg and will strengthen its position as the premier offshore renminbi hub, to create more trade. Currently, about 80 percent of offshore renminbi payments are processed through Hong Kong, the CE said. Lee also called on firms to consider the national interest when pursuing commercial deals. In March, local conglomerate CK Hutchison was embroiled in controversy over its plans to sell its Panama ports to a consortium led by a US investment firm. The CE used a metaphor to say that no one should harm the interests of the rest of the family. 'I can't find the logic that you, being a family member, can act against the interests of your family,' he said. 'The family allows you to pursue your best interests. You can be a reporter, you can be a singer. The family allows you to do it. But you don't come back home and destroy all the furniture, right? That can't be reconciled. I think that's simple ABC logic.'
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