IPOs Supercharge Demand for Hong Kong Dollars, Prompting Intervention

Demand for the Hong Kong dollar hasn’t been this strong since Ant Group planned the world’s biggest IPO in the city almost five years ago. (Beijing later pulled the deal.)

The resulting surge is prompting intervention. The city’s de facto central bank has sold about HK$117 billion ($15 billion) worth of the local currency since Friday as the exchange rate tested the upper end of its trading band against the US dollar for the first time since 2020.