Published on: 2017-12-05
Weakening of Hong Kong dollar against other major currencies such as US dollar and euro increased expenses of Hongkongers abroad, for example, for property investment and tuition payments for their children’s education, but it did not change their spending decisions much.
Hong Kong dollar depreciated against renminbi as well. In an article published by HK Commercial Daily IEMS’ Edwin Lai expressed his opinion that exchange rate of renminbi will increase by 3% against US dollar annually for the next ten years. He also believes that Hong Kong dollar depreciation against renminbi is a long term trend that can cause more social contradictions since the purchasing power of people not owning assets will decrease causing inflation.
Read full original article on the Hong Kong Commercial Daily in traditional Chinese here: 港元貶值 港人海外置業貴一截
[Bio] Edwin Lai
Photo: Hong Kong Commercial DailyTags: china, currency, HKD, hong kong, investment, RMB