To defend the linked exchange rate, the Hong Kong Monetary Authority has bought Hong Kong dollars for the first time since 2023.
The Hong Kong Monetary Authority bought HK$9.42 billion during the New York trading session, reducing the total balance of the Hong Kong banking system to HK$164.98 billion by this Friday. This is the first time since 2023 that the Hong Kong Monetary Authority has bought Hong Kong dollars to defend the linked exchange rate.
The exchange rate of the Hong Kong dollar remains weak, triggering the weak-side exchange rate guarantee of 7.85 to 1 US dollar. The Hong Kong Monetary Authority bought 9.42 billion Hong Kong dollars during the New York session, reducing the total surplus of the Hong Kong banking system to 164.98 billion Hong Kong dollars on Friday. This is the first time the Hong Kong Monetary Authority has bought Hong Kong dollars since 2023 to defend the linked exchange rate. The Hong Kong dollar was trading at 7.8493 to 1 US dollar earlier.
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