HK intervenes for 6th time to defend peg
Source: Bloomberg News |
November 1, 2012, Thursday
|
Print Edition
Print Edition
The Hong Kong Monetary Authority sold its own currency for the sixth time in less than two weeks to preserve a 29-year-old peg to the US dollar.
The central bank added HK$2.71 billion (US$350 million) in Hong Kong yesterday, as the currency reached the upper limit of its trading band, according to HKMA data. That followed a US$603 million intervention on October 19, the first time since 2009, a combined US$1.25 billion on October 23 and a US$350 million injection on Tuesday.
Funds are flowing into Hong Kong after the US, Europe and Japan introduced policies to stimulate their economies and data signal China's growth slowdown is abating.
The central bank added HK$2.71 billion (US$350 million) in Hong Kong yesterday, as the currency reached the upper limit of its trading band, according to HKMA data. That followed a US$603 million intervention on October 19, the first time since 2009, a combined US$1.25 billion on October 23 and a US$350 million injection on Tuesday.
Funds are flowing into Hong Kong after the US, Europe and Japan introduced policies to stimulate their economies and data signal China's growth slowdown is abating.
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