Hong Kong Monetary Authority enters the market, spokesperson: Stock-related investments and the appreciation of regional currencies against the US dollar support the Hong Kong exchange rate
2025-05-03 03:30:46
On May 3, a spokesperson for the Hong Kong Monetary Authority said that under the linked exchange rate mechanism triggered by the Hong Kong dollar during the New York trading session this morning, the strong-side conversion guarantee of HK $7.75 to US $1 was triggered. The HKMA bought US dollars from the market and sold the total value of HK $46.539 billion. The aggregate balance of the banking system will increase to HK $91.309 billion next Wednesday. The spokesperson said that the recent strengthening of the Hong Kong dollar was mainly due to the increase in demand for Hong Kong dollars related to stock investment, which supported the exchange rate of the Hong Kong dollar. In addition, the recent appreciation of a number of regional currencies against the US dollar has also led to the strengthening of the Hong Kong exchange rate. The last strong-side conversion guarantee was triggered on October 28, 2020. The HKMA will continue to closely monitor market developments to ensure the orderly operation of the Hong Kong dollar market.
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