The peg of the pataca to the Hong Kong dollar is an established policy of the Government and will not be changed for a long time, the Chief Executive, Mr Edmund Ho Hau Wah, said when he attended a plenary session of the Legislative Assembly this afternoon. Mr Ho, who was answering legislators’ questions, said he understood that the increasing exchange rate of RMB had stimulated inflation; however, the pataca’s link exchange rate relationship with the Hong Kong dollar will not be changed in order to maintain financial stability. At a press conference after the plenary session, the Secretary for Economy and Finance, Mr Francis Tam Pak Yuen, said an unstable monetary policy will cause impact to the entire financial system, and eventually affect the livelihood of residents in an all-round manner. Therefore, any adjustment in monetary policy should be made after a thorough evaluation, Mr Tam said. Moreover, some academics believed that adjusting Macao’s monetary policy may not curb inflation or might only have a slight impact on price index, Mr Tam said.
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