Likewise, the renminbi will be treated as a foreign currency in Hong Kong. The three note-issuing banks in Hong Kong will continue to issue Hong Kong dollar bank notes, with 100% backing by US dollars under the linked exchange rate system. The currency in circulation in Hong Kong is in fact backed over five times by foreign reserves.
These include households' gas consumption, temperatures and the effect of policy measures. One thing is for sure: gas shortages would amplify downward forces. The European Commission is expecting the German economy to shrink next year, with a decline of 0.6% anticipated by experts. Projecting growth of -0.2%, the German Council of Experts is somewhat more optimistic.