US has more to lose than HK, Paul Chan warns - RTHK
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US has more to lose than HK, Paul Chan warns

2020-05-31 HKT 12:10
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  • Paul Chan warns that US threats to Hong Kong's trade status will do more damage to the United States. File photo: RTHK
    Paul Chan warns that US threats to Hong Kong's trade status will do more damage to the United States. File photo: 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.

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 there would be no restriction on the outflow of funds.