HKMA buys HKD again to prop up local currency

Business | 16 Apr 2018 3:51 pm

The Hong Kong Monetary Authority bought Hong Kong dollars again to support the weak local currency.

On Monday afternoon, the city's de facto central bank purchased HK$3.59 billion worth of Hong Kong dollars, which is the fourth time since last week.

HKMA has bought HK$3.368 billion worth of Hong Kong dollars late in the US session last Friday. This was in addition to the HK$3.038 billion bought earlier that day.

Including another HK$3.258 billion of HK dollars acquired last Thursday, the HKMA has purchased a total of HK$13.25 billion of Hong Kong dollars from the foreign exchange market.

The Hong Kong dollar is pegged at 7.8 to the greenback, but can trade between the high and low limits of 7.75 and 7.85. Under the currency peg, the HKMA is obliged to intervene when the local currency hits 7.75 or 7.85 to keep the band intact.

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