The fifth wave of COVID 19 infections is gradually put under control, according to Paul Chan Mo-poChan Mo-po, financial secretary of the Hong Kong Special Administrative Region government, who said on Sunday that the LI GANG XINHUA HONG KONG KONG KONG-Hong Kong's economy is showing steady improvement in the second quarter.
He said that the unemployment rate in Hong Kong will take some time to drop, because of the difficulties caused by the Pandemic.
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Hong Kong's seasonally adjusted unemployment rate rose by 0.5 percentage points to 5 percent for the period between January and March, compared to the previous quarter, according to official data.
Although Hong Kong's economy is gradually stabilizing and local inflation is relatively moderate, he said that Hong Kong must be vigilant to the external environment, particularly the geopolitical situation and the movement of interest rates and their impact on the global economy, capital flows, asset prices and financial market.
The trend of Hong Kong interest rates and the exchange rate of the Hong Kong dollar will not affect the financial and monetary stability of Hong Kong, Chan said.
On Sunday, Hong Kong had 221 new COVID 19 cases reported by nucleic acid tests and 208 additional positive cases through self-reported rapid antigen tests, according to official data.