Hong Kong’s de facto central bank stepped in to support the weak local currency in New York trading hours on Tuesday for the first time since May.
The Hong Kong Monetary Authority used its reserves to sell $275m after the local currency hit the weaker end of its trading band against the greenback.
The Hong Kong dollar is pegged to the US dollar, trading within a band of HK$7.75 to HK$7.85 against the dollar. The HKMA is required to support the peg if the currency slips to either edge of the band and if other banks request it to take action.
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