Hong Kong is fast emerging as a test case of the global tightening cycle
Forced to import the monetary policy of the US Federal Reserve – nolens volens – as a result of its long-standing exchange link to the US dollar.
Victim of the "Impossible Trinity”: you cannot control the currency, and monetary policy, and have open capital flows.
In times of stress, one must give.
Ambrose Evans-Pritchard Telegraph 26 March 2018
Victim of the "Impossible Trinity”: you cannot control the currency, and monetary policy, and have open capital flows.
In times of stress, one must give.
Ambrose Evans-Pritchard Telegraph 26 March 2018
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