HKMA spends over $2 billion to defend local currency
Hong Kong dollar fell to hit lower limit of its 7.75-7.85 peg to US dollar
The Hong Kong Monetary Authority (HKMA) has spent more than $2 billion over the last two days to support the local currency’s peg to the US dollar, it announced.
Against the backdrop of weaker emerging currencies over the past week, the Hong Kong dollar depreciated to reach the lower limit of its HK$7.75–7.85 against the US dollar early today (August 16). The HKMA has spent HK$16.6 billion ($2.1 billion) over the past two days in an effort to stem the fall, it said in a statement today (August
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