Fears over Exchange Fund discipline overblown: Hong Kong’s dollar peg architect

South China Morning PostEN 1 min read 100% complete by Connor MycroftMarch 9, 2026 at 01:00 AM

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Economist John Greenwood, known as the "father of Hong Kong's dollar peg," believes concerns about the government's use of the Exchange Fund are exaggerated. He stated that the planned transfer of HK$150 billion from the fund to infrastructure projects will not negatively impact the monetary system or the Hong Kong dollar's peg to the US dollar. Greenwood argues the reallocation is a legitimate move from financial investments to projects with potential economic returns. He emphasized the Hong Kong government's history of financial prudence and expressed confidence that this transfer does not threaten the monetary system. Greenwood's 1983 article formed the basis for Hong Kong's dollar peg policy.

Key Entities & Roles

Key Player Opposition Context

South China Morning Post 30% United States dollar ×260% Exchange Fund ×270% Hong Kong dollar ×270% Hong Kong ×380% John Greenwood ×390%

Keywords

hong kong dollar peg 100% exchange fund 90% monetary system 70% john greenwood 60% us dollar 60% sovereign wealth fund 50% infrastructure projects 40%

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Positive

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South China Morning Post

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hong kong dollar peg exchange fund monetary system john greenwood us dollar sovereign wealth fund infrastructure projects

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