Hong Kong faces limited impact if Fed curbs access to US dollar funding facility: analysts
A US lawmaker’s call for a review of Hong Kong’s access to a Federal Reserve facility that provides short-term US dollar funding would have limited impact on the city as it is not a regular source of financing, according to analysts, who said any restriction could instead weaken the US dollar’s global dominance. John Moolenaar, chairman of the House China Committee, has written to US Federal…
A US lawmaker has called for a review of Hong Kong's access to a Federal Reserve facility that provides short-term US dollar funding, but analysts say the impact on the city would be limited. The Hong Kong Monetary Authority (HKMA) is not a regular source of financing for the city, and any restriction on access to the Foreign and International Monetary Authorities (FIMA) repo facility could weaken the US dollar's global dominance.
The Federal Reserve has stated that they have received the letter and plan to respond, but a Hong Kong Monetary Authority spokeswoman said they have no comment to offer.
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