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HKMA Buys Hong Kong Dollar at Record Pace as Peg Gets Tested

  • Monetary authority mops up $10 billion local currency in June
  • Currency interventions are likely to continue, OCBC says
Updated on

Hong Kong’s de facto central bank bought the local dollar at the fastest pace on record this month to defend its currency from crossing the weak end of its trading band.

The Hong Kong Monetary Authority bought HK$78.1 billion ($10 billion) so far this month, including its HK$20.8 billion purchase on Tuesday. The currency still continues to linger near the weak end of its 7.75-to-7.85 per greenback trading band.