Hong Kong’s US dollar peg faces fresh calls for review – but is change feasible?
The Hong Kong dollar’s four-decade-old peg to the US dollar is facing fresh calls for review, after a local financial industry body urged greater use of the yuan and floated the idea of shifting to a basket of major currencies and gold – though financial analysts argue the current system is likely to remain in place. The proposal to revisit the pegged exchange rate system was submitted this week…
The Hong Kong dollar's long-standing peg to the US dollar is facing renewed scrutiny. A local financial industry body has suggested revisiting the arrangement, proposing greater use of the yuan and potentially shifting to a basket of major currencies and gold. However, financial analysts believe the current system is likely to remain in place.
The Hong Kong dollar has been pegged to the US dollar for over four decades. The proposal to review this arrangement was submitted recently, though details are limited.
In a separate development, eight individuals who were arrested in 2021 in connection with a national security case in Hong Kong have had their passports returned. Among them are former Democratic Party lawmakers James To and Roy Kwong, and ex-healthcare sector lawmaker Joseph Lee. They were part of a group of 47 democrats charged under the national security law, with 45 receiving jail terms of up to a decade.
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