Finance chief rules out forex control

Business | Stella Zhai 4 Jun 2020

Financial Secretary Paul Chan Mo-po said Hong Kong will not adopt foreign exchange controls and is confident about the Hong Kong dollar's peg to the US dollar.

The finance chief said the SAR's linked exchange rate system was introduced of its own accord and does not need foreign approval.

Elsewhere, Frank Chan Fan, the Secretary for Transport and Housing, stressed that lower stamp duty rates could raise property prices as the current housing supply remains low.

He added that partial refund applications for double stamp duty from upgraders have declined to 418 during the fiscal year ended February, compared with 933 applications a year ago.

Meanwhile, as of May 15, banks have approved more than 24,000 cases of principal moratorium loans, involving more than HK$257 billion, said Christopher Hui Ching-yu, the Secretary for Financial Services and the Treasury.

This came as Hong Kong's purchasing managers' index rose from 36.9 in April to 43.9 in May data from IHS Markit showed.

Private companies' confidence in the next 12 months started to recover, though overall sentiment remained weak, while companies' output and new orders fell at slowest rates since January, said IHS.

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