The former British colony still pegs the value of its money to that of the US dollar. It’s an arrangement that dates back almost four decades and has long been considered a guarantee of financial stability and prosperity. But in recent months, the Chinese city’s de facto central bank has had to burn through a huge chunk of cash buying Hong Kong dollars to maintain the peg to the US currency.
Higher rates also add to headwinds affecting the city’s property market, which was already facing pressure from an exodus of people and capital due to political turmoil. Beijing has tightened its grip on Hong Kong in recent years, sparking mass protests and drawing global criticism. It imposed a sweeping national security law in 2020, which critics fear makes it easier to crack down on free speech and dissent.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Stock market rally reminiscent of trends prior to 2008 crisis: JPMorgan AMBeware this stock market rally because it's reminiscent of what led up to the 2008 crisis, JPMorgan Asset Management CIO says
Herkunft: BusinessInsider - 🏆 729. / 51 Weiterlesen »
Herkunft: CNN - 🏆 4. / 95 Weiterlesen »