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Paul Chan: Linked Exchange Rate, Fiscal Reserves Are 'Solid Backup Force' for HK
Recommend 3 Positive 2 Negative 7 |
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Rating agency Fitch recently warned that Hong Kong's slow fiscal consolidation, coupled with the continuous decline in fiscal reserves, led to a gradual increase in credit risk. Speaking at an event yesterday (3 Mar), Financial Secretary Paul Chan reiterated that the linked exchange rate and fiscal reserves of more than $800 billion are “solid backup force” against external risks. The Hong Kong government's bond issuance is a future investment, rather than funding recurrent expenditure, and that there are wrongly based narratives about Hong Kong from overseas in the current geopolitical climate, which stems from the fact that they may not have full access to accurate information, Chan added. AAStocks Financial News |
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