4th Intervention Within a Week Failed to Weaken HKD Significantly.
Hong Kong de facto Central Bank – HKMA, intervened 4 times, for a total of $14.361 billion HKD. Despite this, HKD remain strong even with USD increasing its strength due to strong safe-haven flows after a retreat in US equities.
HKMA deputy chief executive Eddie Yue reaffirmed HKMA's commitment to keep HKD above 7.75, a peg that has been ongoing for 29 years during a press conference today. HKMA is obliged to maintain the 7.75 – 7.85 trading band, and has intervened heavily during 2008 – 2009 during the height of the economic crisis.
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