News Snapshot:
Hong Kong’s monetary base is strong enough to uphold the currency’s peg to the US dollar despite capital outflows in recent months, the finance chief has said, citing the city’s massive US$440 billion in foreign currency reserves. But Financial Secretary Paul Chan Mo-po also warned of a dismal outlook for the pace of economic recovery in the second half of 2022 amid the United States-led global interest rate hikes. Chan’s remarks came after Eddie Yue Wai-man, head of the city’s de facto central bank, the Hong Kong Monetary Authority (HKMA), dismissed as “rumours” speculation that capital outflows were threatening the...
