HKMA Sells Hong Kong Dollars as Currency Approaches Peg to Greenback
The Hong Kong Monetary Authority sold a total of US$15.05 billion worth of Hong Kong dollars so far this year.
Photo: tyrone siu/Reuters
The Hong Kong Monetary Authority has sold over a 100 billion in Hong Kong dollars in the foreign-exchange market this month, as the Hong Kong currency's strength threatens its peg to the U.S. dollar.
The Hong Kong dollar's rally to HK$7.75 triggered intervention from the HKMA to sell Hong Kong dollars to defend the currency's peg to the greenback, Mizuho Securities Asia's Ken Cheung said in an email.
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