HKMA Steps In Again To Defend US Dollar Peg
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2020-04-22 HKT 13:23
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The Hong Kong Monetary Authority (HKMA) stepped in to sell the local dollar for a second successive day to defend its peg with the US dollar.
The HKMA sold HK$2.79 billion of the unit, which has strengthened in recent weeks owing to near-zero US interest rates and higher borrowing costs in the city as investors look to buy into its stock market.
The move came a day after it sold HK$1.55 billion, which marked the first intervention to offload the local unit since 2015.
It last intervened to buy the currency in March last year.
The SAR has maintained a decades-old peg with the US dollar, which keeps Hong Kong at the mercy of Fed policymakers. (AFP)
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