Hong Kong’s exchange rate system is contributing to swollen property prices in the territory, but remains a “robust anchor of monetary and financial stability”, according to the International Monetary Fund.
In its latest report on the Chinese special administrative region, the IMF reaffirmed support for the currency system, which pegs the value of the Hong Kong dollar to the greenback.
“This exchange rate policy is the right one for Hong Kong,” Nigel Chalk, a senior IMF official, told the Financial Times. “Singapore, Australia and Taiwan face similar levels of property price inflation and they have very different exchange rate regimes.”
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