Lee with 10 other Hong Kong officials is supposed to be barred from entering the United States under the sanctions imposed in 2020 for helping introduce the national security law. The chief executive has also said it was the United States' responsibility to invite members to join this year's 21-member meeting in California as APEC does not "belong to any country or economy." The Hong Kong currency, backed by the Exchange Fund, is traded at between HK$7.75 and HK$7.85 per greenback under the system. While calling the US moves including confiscating the Russian and Afghanistan assets in the country "stupid," Lui also said Hong Kong must prepare for a trade war. He believes Hong Kong can leverage its status as a financial center to facilitate the internationalization of the yuan, including providing more financial products denominated in the Chinese currency.

Source: The Standard June 12, 2023 03:42 UTC