Hong Kong Moves to Defend FX Peg for Third Time in a Week

Hong Kong authorities intervened for the third time in a week to support the currency, which had dropped toward the weak end of its official trading band as the city’s interest rates touched a three-year low.

The Hong Kong Monetary Authority, the Chinese financial hub’s de-facto central bank, bought HK$29.6 billion ($3.8 billion) of the currency in New York trading Thursday. The amount was higher than the HK$20 billion it purchased earlier this week and more than triple the HK$9.4 billion bought last week.