Former Hong Kong Monetary Authority Chief: The Hong Kong dollar is actually the biggest "USD stablecoin"

MarsBitNews · 2026-03-02T02:57:54+00:00

Ren Zhigang pointed out that geopolitical changes have increased the importance of pegging the Hong Kong dollar to the US dollar, calling the Hong Kong dollar the "largest stablecoin of the US dollar." He emphasized that Hong Kong's financial sector should maintain the linked exchange rate system and noted that Hong Kong holds a large amount of US Treasury bonds, making it an important participant in the US dollar market.

MarsBitNews

2026-03-02 02:57:54

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Mars Finance reports that according to Hong Kong media Hong Kong 01, Hong Kong Executive Council member and former Hong Kong Monetary Authority Chief Executive Norman Chan stated that the evolution of geopolitical dynamics has increased the importance of the Hong Kong dollar’s peg to the US dollar, and he directly said, “The Hong Kong dollar is actually the largest stablecoin of the US dollar.” Norman Chan pointed out that by 2025, Hong Kong will hold about $256 billion in US Treasury bonds, which exceeds the size of any so-called US dollar stablecoin today. Therefore, Hong Kong’s financial direction is very clear: to maintain the linked exchange rate system. Hong Kong is the most active US dollar market in Asia. Forcing a major buyer to sell if the Hong Kong dollar is no longer pegged to the US dollar would not be wise.

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