Hong Kong Monetary Authority spokesperson: Stock-related investments and the appreciation of the local currency against the US dollar support the Hong Kong dollar.

A spokesperson for the Hong Kong Monetary Authority (HKMA) stated that the Hong Kong dollar triggered the strong-side convertibility undertaking at 7.75 HKD to 1 USD during the New York trading session this morning. The HKMA purchased a total of 46.539 billion HKD worth of US dollars from the market and sold them, increasing the banking system's overall surplus to 91.309 billion HKD by next Wednesday. The spokesperson indicated that the recent strength of the Hong Kong dollar is mainly due to increased demand for the currency related to stock investments, supporting the exchange rate of the Hong Kong dollar. Additionally, the recent appreciation of several regional currencies against the US dollar has also contributed to the strength of the Hong Kong dollar. The last time the strong-side convertibility undertaking was triggered was on October 28, 2020. The HKMA will continue to closely monitor market developments to ensure the orderly operation of the Hong Kong dollar market.