An Evening with Dr. John Greenwood: Insights on Hong Kong’s Dollar Peg
Last month, Chartwell Institute was honored to host an intimate dinner with Dr. John Greenwood OBE, the renowned economist best known as the architect of Hong Kong’s linked exchange rate system. The evening offered guests an opportunity to hear firsthand how the city’s currency system was created in 1983 and why it continues to underpin Hong Kong’s financial stability today.
The dinner gathered a select group of investors, family offices and university students for an engaging discussion, where Dr. Greenwood shared his insights and answered questions in an open and personal setting.
Among the topics raised was whether Hong Kong might one day link its currency to the Chinese renminbi. He explained that such a move would be premature, as the renminbi is not yet fully convertible or widely used for international trade and reserves. Pegging to the renminbi, he said, could take many years, as it would require deep changes to China’s financial system and the full liberalization of its capital account. For now, the credibility of Hong Kong’s monetary framework rests on the openness and liquidity of the US dollar, which continues to provide clarity and confidence to global investors.
In his comments to the media, Dr. Greenwood also reaffirmed that the peg remains sound despite pressure from elevated US interest rates and speculation about currency diversification. He told the South China Morning Post that the system “acted as designed” during a tumultuous year for the local dollar, adding that “the US dollar will still be the dominant currency for several more decades”. When asked about possible changes, he replied: “At the moment, the official view is that there is absolutely no intention to change anything.”
The event embodied Chartwell Institute’s commitment to open dialogue and financial education. We aim to connect investors, business leaders and students, encouraging them to learn from one another and deepen their understanding of global finance.
