TechFlow News, March 2, reported by the South China Morning Post citing Hong Kong’s Financial Secretary Paul Chan Mo-po: Hong Kong has no plans to withdraw funds from the Exchange Fund again within the next five years. Chan previously disclosed that Hong Kong would transfer HK$150 billion (US$19 billion) from the Exchange Fund—a fund used to maintain the Hong Kong dollar’s peg to the U.S. dollar. This proposed withdrawal would be the first since 1984. Chan stated that such measures will not recur in the medium-term outlook and emphasized that withdrawals are not intended to become “a routine practice.” The Exchange Fund’s primary role is to support the Hong Kong dollar’s exchange rate within the trading band of 7.75 to 7.85 against the U.S. dollar, thereby safeguarding financial stability and investor confidence.
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