US has more to lose than Hong Kong: Official

Two more people had fallen ill after returning from visits to Wuhan, raising the total number of cases in Hong Kong to seven. PHOTO: ST. Sketched by the Pan Pacific Agency.

HONG KONG, May 31, 2020, RTHK. The Financial Secretary, Paul Chan, said the US decision to revoke Hong Kong’s special trade status will do little harm to the SAR but would hurt the US more – and moved to dispel rumours that the government might bring in foreign exchange controls, RTHK reported.

Writing in his blog on Sunday, Chan said Hong Kong’s direct exports to the United States accounted for less than 0.1 percent of the SAR’s total outbound shipments.

But Hong Kong is the third largest market for US wines and the fourth largest for beef, he said.

The financial chief also dismissed speculation that Hong Kong will impose foreign exchange controls.

Chan stressed the Hong Kong dollar would remain free and the inflow and there would be no restriction on the outflow of funds.

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