Hong Kong intervenes to protect currency peg
HKMA sells US$1.2 billion at HK$7.85 to the dollar as local currency hits weak end of FX band
Hong Kong’s de facto central bank today (June 26) purchased the territory’s currency to protect its peg with the US dollar.
The Hong Kong Monetary Authority said in a statement that it had sold US$1.2 billion early this morning at an exchange rate of HK$7.85 to the greenback. It said it had made its intervention as the local currency hit the weak end of the territory’s exchange rate band with the US currency. The HKMA said it had last intervened in this direction in May 2023.
The monetary
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