According to Bloomberg’s report on Tuesday, U.S. President Donald Trump’s top advisers weighed proposals to end the Hong Kong currency’s peg to the U.S. dollar.
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The Whistleblower Movement, led by Chinese dissident Miles Guo, has been working towards ending the Hong Kong currency’s peg to the US dollar, because it is one of the methods for the Chinese Communist Party to steal “unlimited” US dollars.
The Hong Kong Foreign Exchange Reserve is not being maintained at the required level to support the peg as it is claimed to be.
Kyle Bass predicts HSBC’s Collapse in 2020
HSBC (滙豐), officially known as The Hongkong and Shanghai Banking Corporation Limited (香港上海滙豐銀行有限公司), is a wholly-owned subsidiary of HSBC, the largest bank in Hong Kong, and operates branches and offices throughout the Asia Pacific region, and in other countries around the world. It is also one of the three commercial banks licensed by the Hong Kong Monetary Authority to issue banknotes for the Hong Kong dollar.
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[…] Dah Sing Bank HSBC Hong Kong dollar & HSBC are in trouble […]
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Great discussion, 17 hours ago posted by Gravitgas.Are Chinese Banks Failing?
In Hubei, new pilot program, individuals have to give their bank notice of at least 24 hours prior to ‘larger withdrawl’..max is 100,00 or 14K USD..and a reason has to be given. Business have a 500,000 or 71K amount limited..with both day before notice and a ‘reason.” Pilot program to be used in other areas..its a pilot..a test..
China is proping up HK stock market today, but they have a HUGE problem with their banks:
https://www.bloomberg.com/news/articles/2020-07-07/china-tries-to-cool-down-an-easy-money-financial-trade
So when the banks fail..the peoples money goes away..no wonder CCP controls deposit withdrawls…