Hong Kong’s de facto central bank indicated there would be more currency intervention to come, after the monetary authority bought more than HK$51bn to support the Hong Kong dollar over the past week.
The Hong Kong Monetary Authority had stepped in 13 times within a week by Thursday morning, using its reserves to sell US$6.54bn and buying Hong Kong dollars to prop up the local currency, after it slumped to its weakest level since 2005.
Hong Kong’s currency is pegged to the US dollar, trading within a band of HK$7.75-HK$7.85 against the greenback. The HKMA is required to support the peg if the Hong Kong dollar slips to the edges of the band and if other banks ask the authority to take action.
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