HKMA buys HK dollar for first time in 13 years
HKMA chief says central bank is “fully capable” of defending local currency
The Hong Kong Monetary Authority has bought Hong Kong dollars for the first time since the current trading band was introduced in 2005.
On April 12 during the London trading hours, the Hong Kong dollar sank to 7.85 per US dollar, its weakest level in 35 years, triggering the HKMA’s weak-side convertibility undertaking (CU). The HKMA bought HK$816 million ($104 million) from the currency market. On the morning of April 13, during US trading hours, the HKMA bought another HK$2.442 billion.
The
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