Latest news with #JohnLeeKaChiu
South China Morning Post
2 days ago
- Business
- South China Morning Post
Hong Kong's US-dollar peg a key success factor and will stay: John Lee
Hong Kong will maintain its currency's peg to the US dollar, the city's leader has said, identifying it as a key success factor and rejecting calls to abandon the link amid escalating geopolitical tensions. But this did not mean the city was solely reliant on the peg for its financial system, and Chief Executive John Lee Ka-chiu pledged to strengthen Hong Kong's dominant role as a global offshore renminbi business centre, promising more product diversification. Lee's reassurance came after multiple interventions by the city's de facto central bank recently to defend the peg as the Hong Kong dollar hit the higher end of its trading band, triggered by equity investment activities and the appreciation of regional currencies against the US dollar. 'Hong Kong's link with the US dollar has proven to be one of the fundamental success factors,' he told the Post in an interview, noting the peg had always come under pressure, especially in uncertain times. In a series of interventions last month, the Hong Kong Monetary Authority (HKMA) spent HK$129.4 billion to buy US$16.7 billion worth of US dollars to weaken the local currency, which had hit the strong end of its trading band. 22:27 Why Hong Kong will remain a free port regardless of Donald Trump's tariffs Why Hong Kong will remain a free port regardless of Donald Trump's tariffs The move came amid a wave of capital inflows, driven by increased investor interest in Hong Kong stocks and steady southbound buying from mainland Chinese investors via the Stock Connect mechanism.
South China Morning Post
7 days ago
- Business
- South China Morning Post
Hong Kong has role to play in better global health
Healthcare is a major concern around the world, yet the prognosis for improving the sector has worsened amid rising geopolitical tensions and trade protectionism that erode trust and international collaboration. So, it was encouraging to see the city take a leading role in efforts to safeguard health worldwide by hosting last week's Asia Summit on Global Health. The two-day summit was held alongside a major industry trade fair and healthcare week. More than 2,800 delegates from around the world attended the summit organised by the Hong Kong Trade Development Council. Top officials from the city and the mainland outlined how the city could foster global exchange and cooperation, showcasing its potential in healthcare investment, trade and position as a medical technology hub. In his opening speech at the conference, Chief Executive John Lee Ka-chiu said responding to global healthcare challenges must not be like 'fighting a virus' with quarantines. Lee said collaboration rather than isolation was the best solution to tackling healthcare, trade and other societal issues.
