HKMA Enters Market Again To Prop Up Dollar
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2018-04-16 HKT 18:14
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The Hong Kong Monetary Authority has stepped in again to defend the local currency from falling beyond the weak end of a trading band.
In its largest single purchase so far this year, it bought more than HK$3.5 billion worth of currency from the market on Monday afternoon.
With four other purchases since last Friday, the authority has spent a total of more than HK$13.5 billion to prop up the currency.
The recent sell-off in the local currency has reduced money supply in the banking system and prompted inter-bank interest rates to rise across the board.
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