Finance
The 1997 Asian Financial Crisis caused a deflationary period that spanned 6 years into July 2004. A few years later, the global Financial crisis of 2007–2010 rocked the financial well-being of the SAR's financial sector. The Lehman mini-bond crisis was one that affected the territory greatly. Joseph Yam, the Chief Executive of the Hong Kong Monetary Authority who was the highest paid central banker in the world resigned in 2009. Traditionally, HK dollar is pegged against the US dollar. Questions have come up on whether HK should peg to the Chinese yuan since it is integrated to China economically. But the yuan is not fully convertible, a peg to the yuan would cause disruptions.
Read more about this topic: 2000s In Hong Kong
Famous quotes containing the word finance:
“Imperialism is capitalism at that stage of development at which the dominance of monopolies and finance capitalism is established; in which the export of capital has acquired pronounced importance; in which the division of the world among the international trusts has begun, in which the division of all territories of the globe among the biggest capitalist powers has been completed.”
—Vladimir Ilyich Lenin (1870–1924)
“A bank is a confidence trick. If you put up the right signs, the wizards of finance themselves will come in and ask you to take their money.”
—Christina Stead (1902–1983)
“There is an enormous chasm between the relatively rich and powerful people who make decisions in government, business, and finance and our poorer neighbors who must depend on these decisions to alleviate the problems caused by their lack of power and influence.”
—Jimmy Carter (James Earl Carter, Jr.)