The chair of the House China committee, Rep. John Moolenaar, is urging the Federal Reserve to reconsider Hong Kong's access to a dollar-liquidity facility as China promotes the renminbi as a global currency, according to CNBC.
Key facts
- Rep. John Moolenaar chairs the House China committee.
- He wants the Federal Reserve to review Hong Kong's access to a dollar-liquidity facility.
- The call comes as China promotes the renminbi as a global currency.
- The request was reported by CNBC on 6 October 2026.
Rep. John Moolenaar, chair of the House China committee, has urged the Federal Reserve to reconsider Hong Kong’s access to a dollar-liquidity facility, according to CNBC.
CNBC reported that the call reflects concerns tied to China’s efforts to promote the renminbi as a global currency. Moolenaar’s request centres on whether Hong Kong should continue to have access to the facility.
CNBC reported the development on 6 October 2026. The source does not detail the Federal Reserve’s response to the request or specify any timeline for a review, nor does it include a response from Hong Kong authorities or Beijing.
Why it matters
The request places a U.S. congressional committee at the intersection of monetary policy and geopolitics by linking access to American financial infrastructure to China's currency ambitions. The practical implications remain unclear, as the source does not indicate how the Federal Reserve will respond.
Frequently asked questions
Who is calling for the review?
Rep. John Moolenaar, chair of the House Select Committee on China, is urging the Federal Reserve to reconsider Hong Kong's access to a dollar-liquidity facility, according to CNBC.
Why is this request being made now?
According to CNBC, the call comes as China promotes the renminbi as a global currency.
Has the Federal Reserve responded?
The source material does not detail any response from the Federal Reserve or provide a timeline for a potential review.