Hong Kong Defends Dollar Peg for 5th Day Amid Strong Inflows
- City’s currency in demand on share sales by Chinese companies
- Hong Kong dollar has been near strong end of band since April
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Hong Kong’s de facto central bank intervened for the fifth consecutive day as the local currency traded at the strong end of its trading band.
The Hong Kong Monetary Authority sold HK$3.72 billion ($480 million) worth of local dollars on Wednesday, taking the total since it began intervening in April to HK$48.1 billion. Demand for the currency has increased as investors piled into Chinese shares sales. Netease Inc. jumped on its debut Thursday, while JD.com Inc. is poised to raise HK$30.1 billion in its Hong Kong offering, according to people familiar with the matter.