HKMA defends currency on foreign exchange markets
First interventions since 2019 come as Hong Kong central bank props up dollar peg
The Hong Kong Monetary Authority stepped into foreign exchange markets today (May 12) for the first time since 2019, to defend its currency.
The central bank intervened twice to purchase a total of US$722 million of Hong Kong dollars, after it traded above HK$7.85 per US dollar. The Hong Kong dollar is pegged to the greenback in a band of HK$7.75–HK$7.85.
Last week, HKMA chief executive Eddie Yue said the central bank would start FX interventions when the currency breached its lower limit
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