Hong Kong finance secretary says no plans to change U.S. dollar peg

• Hong Kong had no plans to change its currency's peg to the U.S. dollar and the Asian financial hub has not seen any "obvious" capital outflows after Washington moved to strip the city of its special status in U.S. law, the city's finance secretary said.
• Paul Chan said on Monday that authorities were confident in defending the Hong Kong dollar exchange rate, with foreign exchange reserves twice the size of the entire monetary base and liquidity in the banking system "very healthy and strong".
• Chan added capital will continue to flow freely in and out of Hong Kong.

Standard Chartered headquarters and a HSBC building are pictured on March 16, 2020 in Hong Kong.

Zhang Wei | China News Service via Getty Images

Hong Kong had no plans to change its currency's peg to the U.S. dollar and the Asian financial hub has not seen any "obvious" capital outflows after Washington moved to strip the city of its special status in U.S. law, the city's finance secretary said.

Paul Chan said on Monday that authorities were confident in defending the Hong Kong dollar exchange rate, with foreign exchange reserves twice the size of the entire monetary base and liquidity in the banking system "very healthy and strong".

Chan added capital will continue to flow freely in and out of Hong Kong.