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ECONOMY | Tony Chua, Hong Kong
Published: 10 Aug 11
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Finance secretary: Hong Kong dollar is stable

Tsang said downgrade of US debt rating by itself would not spark crisis but by other economic factors.

Financial Secretary John Tsang on Tuesday told reporters the Hong Kong dollar is stable, and banks and financial institutions are operating normally.

He said market fluctuations are expected and advised small investors to exercise caution and act sensibly.

The government's emergency coordination mechanism has been activated, to continue monitoring the market and making any necessary adjustments, he said in a government report.

Hong Kong's stock market fell on Monday, as did markets in Europe, America and other countries as investors fled from stocks.

Asked if there would be another financial crisis, Mr Tsang said the downgrade of US debt from Triple A to Double A+ itself would not trigger a crisis. But other economic factors must be observed, including the unemployment rate and inflation.



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Tags: Hong Kong economy, HK dollar, Hong Kong currency

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