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Translated by: MOS English Team- Xiequyuan
On May 13th, the Hong Kong Monetary Authority bought nearly HK$2.9 billion to maintain the linked exchange rate of 7.85 HK dollar to 1 US dollar.
The linked exchange rate system began in October 1983. It fixed the Hong Kong dollar exchange rate to the US dollar at between 7.75 and 7.85. Hong Kong dollar exchange rate has been above 7.78 since entering 2022. With Communist China’s real estate debt defaults, Hong Kong stocks have fallen below the 20,000-point mark three times the exchange rate continues to rise.
And after John Lee Ka-chiu, former police officer and politician, was confirmed to be elected as the next chief executive, this rate immediately approached 7.85 mark; therefore, the Hong Kong Monetary Authority had to make three consecutive times purchases of more than HK$8.5 billion on the 12th and 13th. This amount has passed the amount of HK$8 billion purchased by the HK Monetary Authority before the anti-extradition movement in Hong Kong in March 2019.
Analysts pointed out that with the continuous strengthening of the US dollar after the outbreak of the Russia-Ukraine War, and the Chinese Communist Party has sided with Russia which raised the world’s concerns. The economy in Communist China has become more disappointing under its lockdown measures. Being the CCP’s connection to the world, the collapse of Hong Kong’s economy has begun.
Edited/ Proofread by: Peaceforever G.
Chief Editors: Redd X.
Posted by: Peter Chen
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