Joseph Yam Chi-kwong, a member of the Executive Council and former chief executive of the Hong Kong Monetary Authority, denied the accusation that the National Security Law will lead to the collapse of the linked exchange rate system in Hong Kong in a recent interview.
The linked exchange rate system in Hong Kong has been operating for over 36 years, and brings a stable exchange rate for the city. “I don't think there needs to be any concern,” he said, adding, “The market will show that despite a few new stocks raising funds which bring in outside capital, in the long term when the new IPOs end fundraising, capital will flow out, which will lead to a weakening Hong Kong dollar, then the Hong Kong Monetary Authority will intervene.”
Speculators and others who suppose the Hong Kong dollar will weaken or even collapse should look at this issue objectively, he noted.
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