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Hong Kong's economic recovery would not be smooth, Chief Executive Donald Tsang said Tuesday. Tsang sees a "double dip" in the economy by the middle of next year. But, the economy has the adequate strength to cope with such adverse situations, Tsang reportedly said.
Tsang added that the interest rates close to zero in the U.S. raised the capital flows into emerging economies and created asset bubbles.
Earlier in the month, chief executive of the Hong Kong Monetary Authority, Norman Chan said the number one threat to financial stability in Asia is asset bubbles and not inflation. Extremely loose monetary policy and huge capital inflows provided the ideal environment for Asian asset bubbles to grow.
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