HONG KONG, Sept 22 — Hong Kong is set to end the year in the midst of a full-blown recession, the city’s finance chief warned Thursday, as Covid-19 controls and spiralling interest rates hammer the economy.
The Chinese city’s monetary policy moves with the Federal Reserve because its currency, one of the cornerstones of its business hub reputation, is pegged to the US dollar. For more than two and a half years Hong Kong’s government has adhered to a version of China’s zero-Covid policy, enforcing strict coronavirus controls and mandatory quarantine for international arrivals.
The Fed’s rate hikes hit Hong Kong’s stock market which fell as much as 2.6 per cent on Thursday, to 17965.33, the lowest since December 2011.
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