There's little evidence to suggest that money is being moved out of Hong Kong amid ongoing, protracted protests in the city, according to top executives from Credit Suisse and UBS Global Wealth Management.
, saying that the 2019 GDP growth is expected to be lower at 0% to 1%, from the original 2-3%.
Meanwhile, Hong Kong's private sector activity declined at the fastest pace in more than a decade in August,'Very solid' currency pegTo ensure stability of its currency, the Hong Kong Monetary Authority — seen as a de-facto central bank for the city — intervenes in the foreign exchange market. For example, if the Hong Kong dollar weakens too much, it will step in to buy the currency with its foreign exchange reserves.is pegged in a tight range of around HK$7.75-7.85 per U.S.
But Tan said the peg appears stable amid the unrest. "The peg is very solid because the currency in circulation is backed 1.7 times by reserves," she told CNBC's "Street Signs" on Tuesday. "The reserve is huge, we're talking about 435 billion U.S. dollars." "For all long as there is a political will to actually hold the peg and there's no reason why there isn't ... it's difficult to envisage how the peg may go," Tan added.
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