Hong Kong intervenes once again to protect currency peg
Intervention is HKMA’s second at weak end of HKD/USD band in less than a week, with more likely
Hong Kong’s de facto central bank has intervened to protect the currency’s peg with the US dollar at the weak end for the second time in less than a week.
The Hong Kong Monetary Authority (HKMA) said it had sold US$2.55 billion early this morning (July 2) at an exchange rate of HK$7.85 to the greenback. The HKMA said the sale would reduce its aggregate balance – the measure of total liquidity in Hong Kong’s banking system – by US$2.55 billion to US$18.36 billion.
The HKMA’s previous currency
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