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The original Linked Exchange System no longer works in Hong Kong

出自香港新聞網 - 樹仁新傳系學生實習習作

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The original Linked Exchange System no longer works in Hong Kong


The Budget is released by Financial Secretary, John Tsang last wednesday. The overall feedback is relatively positive compared with last year. Senior financial commentator of Now TV, Chiu Sin-Chun said at the assembly of Hong Kong Shue Yan University, that the Linked Exchange System has the essentiality to innovate and the latest budget is too short-sighted without long-term measures to tackle the Hong Kong Economy.


Chiu said, it is no longer suitable for Hong Kong dollar to hook on US dollar. It is because after the QE3 and the operation twist, US dollars depreciate much. Hence, the exchange rate of Hong Kong dollar against other currencies depreciate much as well. Since Mainland China is Hong Kong's largest economic partner, meanwhile, Renminbi is continuously appreciating, the Hong Kong dollar should be hooked on Renminbi.


Chiu recalled, one US dollar can exchange eight Yuan twenty years ago, now, one US dollar can only exchange five Yuan. There is a 20% change in twenty years time. By this ratio, he assumed that the purchasing power of Hong Kong people has lost 20%, and this is one of the major factors of pushing up inflation.


Chief Executive mentioned that the Linked Exchange System should be a constant and effective policy that can not make changes easily. Chiu disagreed and raised the historical example of Sun Yat-sen overthrow the monarchy. He pointed out that every policy must comply with the appropriate timing, location and people; it must not give up the opportunity of reform owing to the certain maintaining period. (((you took a very economically influenced angle here and it works pretty well...the first i am reading about this particular aspect...good, although a bit dry for the average reader))

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