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The Hong Kong Special Administrative Region Government welcomed the decision of Moody’s Investors Service to
upgrade Hong Kong’s sovereign rating for long-term foreign currency by two notches, from A3 to A1.
Moody’s said that the upgrade was prompted by the strong economic fundamentals and external sector, including the
latest net international investment position as a percentage of GDP in the world. Moody’s now recognizes that although
ratings of Hong Kong and Mainland China are linked, their ratings do not necessarily have to be the same – this
because Hong Kong has a separate currency, a different legal system, a lack of trade and capital account restrictions and
a taxation system that did not allow China to collect revenue in Hong Kong.
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