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Former Head of Hong Kong Central Bank HKMA Joseph Yam Chi-Kwong: Next Global Financial Crisis Could be Even Bigger, Why China Should Not Let its Currency to be Freely Traded
10th June 2022 | Hong Kong
Former Head of Hong Kong Central Bank Hong Kong Monetary Authority (HKMA) Joseph Yam Chi-Kwong: The next global financial crisis could be even bigger than previous ones – and that’s part of the reason why China should not let its currency to be freely traded, but only allow it to be tradable via monitoring. “In my opinion, the renminbi should not be freely convertible without monitoring, but the currency should be allowed to be tradable under appropriate reporting and monitoring,” he said on Friday. He added it would only be safe and appropriate to allow people to convert large amounts of other currencies into yuan, if they report and declare the exact purpose of the usage to the authority, which should also then strictly enforce the use of the money.” (Source: South China Morning Post)
“ Next Global Financial Crisis Could be Even Bigger, Why China Should Not Let its Currency to be Freely Traded “
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