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Financial secretary notes business confidence hurt amid changed spending habits, pledging to provide more help for small and medium-sized firms.
Hong Kong’s “huge” foreign exchange reserves of about US$440 billion are enough to maintain the linked exchange rate system with the US dollar even as Washington’s rising interest rates lead to capital outflows, Hong Kong Financial Secretary Paul Chan (陳茂波) said. Chan is the latest official to address the strength of the territory’s reserves after Hayman Capital Management LP chief investment officer Kyle Bass last week wrote on Twitter that the Hong Kong Monetary Authority’s reserves to defend the Hong Kong dollar were falling because of recent interventions to prop up its v...