HKMA Spends $1.5 Billion To Maintain Dollar Peg
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2022-05-12 HKT 08:41
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The Hong Kong Monetary Authority bought $1.586 billion from the market on Thursday to stop the local currency weakening and breaking its peg to the US dollar, the first time it has intervened in eighteen months.
The Hong Kong dollar is pegged to a tight band of between 7.75 and 7.85 versus the US dollar.
It has been softening in recent months as US interest rates rise while a surfeit of cash in the local banking system has kept Hong Kong rates pinned down.
The aggregate balance – the key gauge of cash in the banking system – will decrease to HK$336.005 billion on May 13, an HKMA spokeswoman said on Thursday. (Reuters)
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