China's national security law for Hong Kong and moves by the United States to begin withdrawing privileges enjoyed by the city under U.S. law have unsettled investors.
HONG KONG - China’s national security law for Hong Kong and moves by the United States to begin withdrawing privileges enjoyed by the city under U.S. law have unsettled investors.
The HKMA has sold HK$106 billion so far this year to keep a strengthening Hong Kong dollar within this range, according to Reuters’ calculations. A Bloomberg report suggested this week that U.S. President Donald Trump’s policy advisers explored that option, though the idea did not gain any traction. “For the U.S. dollar, exorbitant privilege is not risk-free,” Geoff Yu, senior EMEA market strategist at BNY Mellon, said in a note. “The bottom line is that current rhetoric surrounding the Hong Kong dollar peg will likely stay as rhetoric.”
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