Hong Kong Defends Currency Peg for First Time Since 2012

Hong Kong’s de facto central bank stepped in for the first time since December 2012 to prevent the city’s currency from rising against the U.S. dollar.

The Hong Kong Monetary Authority said it bought $2.1 billion within the past 24 hours at HK$7.75 a dollar, the upper limit of a convertibility range that triggers intervention. The purchases, disclosed on the authority’s Bloomberg page, were confirmed by phone.