Hong Kong, restrained by a currency peg to the US dollar, has no independent monetary policy. The city's legislative council on Friday passed a HK$30 billion spending plan for virus-fighting efforts and to assist businesses. Further steps are to be introduced Wednesday in the government's budget proposal.
"While the Chinese government can utilise both monetary and fiscal policy tools to stimulate its economy, there's nothing much Hong Kong can do on rates and money supply due to its US dollar peg," said Alex Wong, director of asset management at Ample Capital Ltd."There's no such option as a government rescue, so it's normal to see lower stock valuations."
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