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The global situation is dangerous and it is very likely that a war in terms of finance or economy will take place between China and the U.S., said Francis Lui Ting-ming, a member of the 56-strong Chief Executive’s Policy Unit (CEPU) Expert Group.
Lui, also an emeritus professor at the Business School of the Hong Kong University of Science and Technology, attended a radio program on Sunday and said the chance of military conflicts developing between the two countries is not slim.
Conflicts in other areas like economy have begun already, Lui said, adding that the U.S. will “do everything it can” to stop China from running after its position as the strongest country on earth.
He added city leader John Lee Ka-chiu is currently under U.S. sanctions and it remains unclear if he can attend the Asia-Pacific Economic Cooperation (APEC) meeting in San Francisco in November.
Lui pointed out that Hong Kong has to prepare itself for a trade war, saying that one of the conditions for the city’s currency peg to the U.S. dollar is political harmony between the two regions.
Lui went on to say as there are conflicts all over the world, “the global economy won’t be good and immigration is useless.”
He said it is “stupid” of the U.S. to weaponize the U.S. dollar as moves like confiscating assets in U.S. dollar of Russia and Afghanistan would only frighten others countries and make them feel less secure about the currency.
He believed many countries are trying to “de-Americanize” and Hong Kong can make good use of its status as an international financial hub to give Chinese Renminbi a little push among the rankings of global currency.
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