Media: Washington thinks

The U.S. state Department is discussing the possibility of imposing monetary sanctions against Hong Kong, after the adoption of China’s law on national security, which the West considers a violation of autonomy, enshrined in the Treaty on the transfer of the territory to Beijing. According to sources Bloomberg, several advisers Secretary Mike Pompeo proposed strike at hangingstone the dollar, which since 1983 “tied” to the currency of the United States. The news Agency clarify that the suggestion expressed at the level of the state Department, however, does not yet have sufficient support to began to discuss the highest administration officials of the trump. It is noted that one of the possible mechanisms is the ban for the Hong Kong-based banks to buy dollars. According to sources, it is de facto cut off the local market from the influx of U.S. currency and complicate the maintenance of a stable exchange rate. Such a scenario is tantamount to sanctions against the Chinese banking system. According to the chief economist at Standard Chartered in Hong Kong Dean Sanga, such a move could have negative and unpredictable consequences not only for Chinese but also for American banks and a global financial market, according to Finanz. Strategist AxiCorp Steve Innes suggests that there may be a milder scenario, with restrictions on dollar liquidity through the swap market. “This will be the easiest way, but it is unclear how far they are willing to go” — he said. The Chinese for their part may try to destabilize also tied to the dollar currency of the middle East allies of the United States. These include Saudi Arabia, Kuwait and the UAE, the expert believes. At this extreme the alternative may be to disable Hong Kong from SWIFT. This opinion was expressed by the chief economist of Daiwa Securities Group for Asia Kevin Lai. Without access to the global dollar system the Hong Kong dollar cannot function, he explained.

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