HKMA sells $9.8b to defend peg

Business | Stella Zhai 8 Jul 2020

The Hong Kong Monetary Authority sold the Hong Kong dollar twice yesterday, totaling HK$9.882 billion, on the market after the currency hit the strong end of its trading band.

Hong Kong's official foreign currency reserve assets rose US$3.5 billion (HK$27.3 billion) month-on-month to US$445.9 billion as at the end of June.

In other news, Secretary for Labour Law Chi-kwong expects the unemployment rate is unlikely to return to around 3 percent in the next two to three years, given the global recession.

And the University of Hong Kong predicts the local economy will improve in the latter half but will still drop by 4.3 percent in the third quarter. The unemployment rate is expected to improve slightly to 5.5 percent in the third quarter, from the estimated 5.8 percent last quarter.

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