Hong Kong Buys Record Amount of US Dollars to Defend Peg
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Hong Kong intervened to defend its peg, buying a record amount of US dollars after the city’s currency rose to the upper end of its trading band.
The Hong Kong Monetary Authority spent HK$46,539 million ($6 billion) on the US currency, its highest-ever purchase of the dollar in one day, according to data compiled by Bloomberg that dates back to 2004.