Hong Kong’s economy is at risk of overheating after household debt rose to a record 61 percent of gross domestic product, said Norman Chan, chief executive of the Hong Kong Monetary Authority.
The conditions required to peg the Hong Kong dollar to the yuan don’t exist and there is no need or intention to change the current system, the city’s monetary authority chief said.
Yuan settlement of trade between Hong Kong and China more than doubled to 7.2 billion yuan ($1.05 billion) in May, compared with as much as 3 billion yuan in both March and April, the Hong Kong Monetary Authority said.
The Bank of Japan deserves praise for its policy response to the nation’s worst earthquake and ensuing nuclear crisis, said Norman Chan , chief executive of the Hong Kong Monetary Authority.
"It's a year of harvest for Hong Kong in the yuan business."
- Norman Chan on Nov 27, 2014