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Hong Kong says dollar peg working well, no large outflows

Key Points
  • The Hong Kong dollar peg with the U.S. dollar is working normally and there are no signs of large capital flows in or out of the city, despite recent market volatility and social unrest, officials said on Wednesday.
  • The Hong Kong dollar is pegged at a tight range of 7.75-7.85 to the greenback.
  • The currency dropped 0.2% on Monday, its largest daily fall since 2016, amid the U.S.- China trade war and the Chinese yuan depreciation.
Hong Kong one-hundred dollar banknotes and U.S. one-hundred dollar banknotes.
Paul Yeung | Bloomberg | Getty Images

The Hong Kong dollar peg with the U.S. dollar is working normally and there are no signs of large capital flows in or out of the city, despite recent market volatility and social unrest, officials said on Wednesday.

Paul Chan, financial secretary, and Arthur Yuen, deputy chief executive of Hong Kong Monetary Authority, made the remarks at a news conference.

The Hong Kong dollar is pegged at a tight range of 7.75-7.85 to the greenback.

The currency dropped 0.2% on Monday, its largest daily fall since 2016, as the escalation in the U.S.- China trade war and the sharp Chinese yuan depreciation sparked a sell-off in global markets.