The Hong Kong Monetary Authority (HKMA) has stepped into the financial market for the first time since 2023 to support the weak local dollar, in an effort to thwart currency arbitrageurs who engage in so-called carry trades.
The city’s de facto central bank sold US$1.2 billion worth of US dollars to buy Hong Kong currency at HK$7.85 per US dollar, according to a statement on Thursday.
The action came after the local currency hit the weak end of its trading band at HK$7.85. The Hong Kong…
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