ChainCatcher reports that according to Hong Kong media Hong Kong 01, Hong Kong Executive Council member and former Hong Kong Monetary Authority Chief Executive Norman Chan said that the evolution of geopolitical dynamics has increased the importance of pegging the Hong Kong dollar to the US dollar, and he straightforwardly stated, “The Hong Kong dollar is actually the largest stablecoin of the US dollar.”
Norman Chan pointed out that by 2025, Hong Kong is expected to hold about $256 billion in US Treasury bonds, a scale larger than any so-called US dollar stablecoin today. Therefore, Hong Kong’s financial direction is very clear: to maintain the linked exchange rate system. Hong Kong is the most active US dollar market in Asia. If the Hong Kong dollar is not allowed to continue pegging to the US dollar, forcing a major buyer to sell off would not be wise.
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