Hong Kong's Exchange Fund, which is used to back the Hong Kong dollar, will give priority to environmental, social, and corporate governance over other investments when long-term adjusted returns are similar, said Eddie Yue Wai-man, chief executive of the Hong Kong Monetary Authority. The HKMA said it has invested in green bonds since 2015, and was among the early investors in this market. "The parts of the economy that are weak are the service-sector businesses that involve close contact, such as restaurants and the travel industry," he said following the two-day policy meeting. "Those are not being held back by financial conditions, but rather by the spread of the virus that is now intensifying across the country," he said. Unemployed households or struggling businesses are more in need of immediate cash, Powell added, something top lawmakers in Congress are working to provide in talks towards a new US$900 billion (HK$7.02 trillion) pandemic relief bill.

Source: The Standard December 17, 2020 19:18 UTC