HKMA Buys Over HK$6.4 Billion to Defend Currency Peg

MT Newswires Live08-06

Hong Kong's de facto central bank intervened in the currency market for the ninth time since late June, buying over HK$6.4 billion to prevent the local currency from breaching the weak end of its trading band against the US dollar.

The move will reduce the aggregate balance, a key measure of liquidity in the banking system, to HK$72.46 billion on Wednesday, according to a forecast by the Hong Kong Monetary Authority.

Since late June, the authority has bought a total of HK$101.07 billion across nine interventions in defense of the peg.

Hong Kong adopted its US dollar peg in 1983, initially at HK$7.80. In 2005, the HKMA introduced a narrow trading band of HK$7.75 to HK$7.85, requiring intervention whenever the currency approaches either end of the range.

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