Hong Kong's de-facto central bank bought HK$3.054 billion ($389.1 million) from the market in New York trading hours to stop the local currency from breaking below its peg to the U.S. dollar.
The action will bring the aggregate balance - the key gauge of cash in the banking system - below HK$100 billion. It will decrease to HK$96.977 billion on Tuesday, a Hong Kong Monetary Authority spokeswoman said on Saturday.While analysts and other market participants have been watching the balance approach the HKD$100 billion mark with a view on potential market stresses, the immediate impact seems to be on interest rates.
The HKMA has bought Hong Kong dollars worth about US$30.7 billion from the market through 40 rounds of intervention since the Federal Reserve began raising rates in March. Its intervention has boosted local yields alongside those on U.S. dollar assets.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Doctored clip goes viral with false claim it shows 2020 Hong Kong bus incidentA doctored video has been viewed millions of times in social media posts that falsely claim it shows a dangerous driving incident that led to the apprehension of a Hong Kong bus driver in 2020. In reality, the video was filmed in Japan and has been uploaded to YouTube since at least 2011. It has been digitally sped up and altered to add Cantonese-language audio of screaming passengers.
Read more »
Hong Kong Launching Film, Streaming Production Support SchemesHong Kong is launching two new film and streaming support schemes, one for cross-border productions, the other for development of streaming content. The maximum total value of the two schemes is $1…
Read more »
HSBC and StanChart give Hong Kong sport trial runThe Rugby Sevens, sponsored by the $103 bln lender led by Noel Quinn, is back, but as a shadow of its schmoozefest self. Meanwhile the bank Bill Winters sits atop is offering cash to encourage runners at the local marathon. Both show how the city faces a long slog back to normal.
Read more »
Hong Kong Film Development Council Launches Two Funding Schemes To Boost Asian Co-productions, Streaming ContentHong Kong’s government is introducing two new funding schemes under the Hong Kong Film Development Council (HKFDC) aimed at boosting co-productions with other Asian countries and to support the pro…
Read more »
Chinese tech sector leads Hong Kong market reboundBloomberg reported Friday that U.S. regulatory officials finished on-site inspection of Chinese companies ahead of schedule and may leave Hong Kong as early...
Read more »
StanChart-backed Metaco inks custody insurance deal with OneDegreeHong Kong-based OneDegree will provide digital asset insurance to Metaco's custody and platform clients.
Read more »