Could the United States break Hong Kong’s peg to the dollar? | Counting the Cost

In recent weeks, the United States has announced a number of economic policies aimed at China.

These include imposing sanctions on Chinese officials over human rights violations of Uighur Muslims, ending preferential trade treatment for Hong Kong, and passing the Hong Kong Autonomy Act, which allows for further sanctions.

It comes amid rising tensions between China, the US and other global powers, as continuing trade disputes and recent territorial moves by Beijing erode relations.

We discuss whether the US government will go further – to restrict Hong Kong’s ability to use dollars, which would undermine the self-governing territory’s dollar peg and damage its financial operations.

Also on Counting the Cost: We examine Turkey’s military expenditure and the cost of wars in Libya, Syria and Iraq. Plus, how is Russia’s economy faring amid low oil prices and the pandemic? We look at Vladimir Putin’s plans for the future.

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In This Story: Beijing

Beijing, China’s sprawling capital, has history stretching back 3 millennia. Yet it’s known as much for modern architecture as its ancient sites such as the grand Forbidden City complex, the imperial palace during the Ming and Qing dynasties.

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    China is the third largest country in the world by area and the largest country in the world by population. Properly known as the People’s Republic of China, the political territory of the country includes the former nations of Tibet and Hong Kong. The capital is Beijing.

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  • In This Story: Hong Kong

    Hong Kong, officially the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR), is a metropolitan area and special administrative region of the People’s Republic of China on the eastern Pearl River Delta of the South China Sea. With over 7.5 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated places in the world.

    Hong Kong became a colony of the British Empire after the Qing Empire ceded Hong Kong Island at the end of the First Opium War in 1842. The colony expanded to the Kowloon Peninsula in 1860 after the Second Opium War and was further extended when Britain obtained a 99-year lease of the New Territories in 1898. The whole territory was transferred to China in 1997. As a special administrative region, Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of “one country, two systems”.

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  • In This Story: Iraq

    Iraq, officially the Republic of Iraq, is a country in Western Asia. The capital and largest city is Baghdad. Iraq is home to diverse ethnic groups including Arabs, Kurds, Turkmen, Assyrians, Yazidis, Shabakis, Armenians, Mandaeans, Circassians, Sabians and Kawliya. Around 99% of the country’s 38 million citizens are Muslims, with small minorities of Christians, Yarsans, Yezidis and Mandeans also present. The official languages of Iraq are Arabic and Kurdish.

    Iraq has a coastline measuring 58 km (36 miles) on the northern Persian Gulf and encompasses the Mesopotamian Alluvial Plain, the northwestern end of the Zagros mountain range and the eastern part of the Syrian Desert. Two major rivers, the Tigris and Euphrates, run south through Iraq and into the Shatt al-Arab near the Persian Gulf. These rivers provide Iraq with significant amounts of fertile land. The region between the Tigris and Euphrates rivers, historically known as Mesopotamia, is often referred to as the cradle of civilisation.

    Iraq is a federal parliamentary republic consisting of 19 governorates, four of which make up the autonomous Kurdistan Region. Disputes over the sovereignty of Kurdistan Region continue.

    Iraq is a founding member of the UN as well as of the Arab League, OIC, Non-Aligned Movement and the IMF.

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  • In This Story: Libya

    Libya, officially the State of Libya, is a country in the Maghreb region in North Africa, bordered by the Mediterranean Sea to the north, Egypt to the east, Sudan to the southeast, Chad to the south, Niger to the southwest, Algeria to the west, and Tunisia to the northwest.

    The sovereign state is made of three historical regions: Tripolitania, Fezzan and Cyrenaica. The largest city and capital, Tripoli, is located in western Libya and contains over three million of Libya’s seven million people. The second-largest city is Benghazi, which is located in eastern Libya.

    Libya became independent as a kingdom in 1951. A military coup in 1969 overthrew King Idris I. Parts of Libya are currently split between rival Tobruk and Tripoli-based governments, as well as various tribal and Islamist militias.

    Libya is a member of the United Nations (since 1955), the Non-Aligned Movement, the Arab League, the OIC and OPEC. The country’s official religion is Islam, with 96.6% of the Libyan population being Sunni Muslims.

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    Vladimir Vladimirovich Putin is a Russian politician and a former officer of the KGB who has served as President of Russia since 2012, previously holding the position from 1999 until 2008. He was also the Prime Minister of Russia from 1999 to 2000 and again from 2008 to 2012.

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    Russia, or the Russian Federation, is a transcontinental country located in Eastern Europe and Northern Asia. It extends from the Baltic Sea in the west to the Pacific Ocean in the east, and from the Arctic Ocean in the north to the Black Sea and the Caspian Sea in the south.

    Russia spans more than one-eighth of the Earth’s inhabited land area, stretching eleven time zones, and bordering 16 sovereign nations. Moscow is the country’s capital.

    The Soviet Union was dissolved in 1991 and since 1993 Russia been governed as a federal semi-presidential republic. Russia is a major great power, with the world’s second-most powerful military, and the fourth-highest military expenditure. As a recognised nuclear-weapon state, the country possesses the world’s largest stockpile of nuclear weapons.

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  • In This Story: Syria

    Syria, officially the Syrian Arab Republic, is a country in Western Asia, bordering Lebanon to the southwest, the Mediterranean Sea to the west, Turkey to the north, Iraq to the east, Jordan to the south, and Israel to the southwest.

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  • In This Story: Turkey

    Turkey, officially the Republic of Turkey, is a transcontinental country located mainly on the Anatolian Peninsula in Western Asia, with a smaller portion on the Balkan Peninsula in Southeastern Europe.

    Istanbul, which straddles Europe and Asia, is the country’s largest city, while Ankara is the capital. The majority of the population identifies as Turkish, around 20% identify as Kurdish.

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