Hong Kong's leader says to maintain US dollar peg, despite geopolitical tensions

 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.

https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3313538/hong-kongs-us-dollar-peg-key-success-factor-and-will-stay-john-lee