Anbound's chief researcher, Chen Gong has earlier indicated that the problems faced by Hong Kong’ linked exchange rate system (LERS) will be different. Firstly, there will be no distinct phases and cycles. Secondly, both the capital outflows from China and the capital inflows from abroad will affect Hong Kong’s LERS. Thirdly, both China and United States’ Federal Reserve will jointly attempt to stabilize the market, the free market will be more volatile as a result of the continuous interventions made by these governments.