Market News
Hong Kong Intervenes to Defend FX Peg as Local Currency Drops - BLOOMBERG
Hong Kong’s de-facto central bank spent more than a billion dollars propping up the city’s currency, as it sought to defend a peg that has been strained by volatility in the greenback.
The Hong Kong Monetary Authority took HK$9.42 billion ($1.2 billion) out of circulation after the exchange rate touched the weak end of its dollar peg, marking the first time it stepped in to offer support since May 2023
. In earlier weeks, the monetary authority had injected liquidity into the financial system to rein in gains in the Hong Kong dollar as the US currency declined.
