HKMA assures banking system has ample liquidity

Business | 30 Jul 2020 1:54 pm

The Hong Kong Monetary Authority said the liquidity of the banking system is sufficient and more than HK$100 billion has flowed into the city since April.

The US Federal Reserve maintained its interest rate unchanged early today.

The HKMA said it is possible that the Fed will maintain interest rates close to zero for a period to support the recovery of the US economy and maintain the smooth operation of the market. The statement after the latest Fed  meeting also reflects this policy direction, HKMA added.

The HKMA said  Hong Kong's banking system has ample liquidity and the foreign exchange and currency markets have maintained orderly operations.

The strong-side Convertibility Undertaking under the linked exchange rate system was triggered again last night, the 30th time since April. So far, more than HK$109 billion has flowed into the Hong Kong dollar system. The HKMA will continue to monitor market conditions and maintain currency and financial stability in accordance with the linked exchange system.

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