Hong Kong Monetary Authority's CEO has defended Hong Kong's currency peg, saying it helped see the city through some of its toughest economic challenges.
, Yue said the economy was on track as the government implemented ways to drive demand through consumption vouchers, and financial support for small and medium enterprises.
Hong Kong's eventual opening would draw in tourists and more spending, Yue said, but he warned this would come at a time when there would be fresh headwinds from a softening global economy.Yue said he's confident the increase in interest rates won't hurt borrowersparticularly those with mortgages. The default ratio was also low at 0.05% and loan to deposit ratios are on average only 50%, he said.
"So even if there should [sic] be any correction in the property price, or if there should be an increase in interest rates … I think the impact on mortgages will be quite manageable," he said.and now higher interest rates are putting downward pressures on house prices. Investment bank Goldman Sachs said earlier this month that Hong Kong's home prices would decline another 30% from last year's levels, as interest rates continue to rise.
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