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Hong Kong buys US dollars to maintain FX peg in first since 2020

Greg Ritchie, Ye Xie and Sangmi Cha / Bloomberg
Greg Ritchie, Ye Xie and Sangmi Cha / Bloomberg • 2 min read
Hong Kong buys US dollars to maintain FX peg in first since 2020
An official at the HKMA’s New York Representative Office confirmed to Bloomberg it had bought around US$6 billion ($7.79 billion) in US dollars when contacted by telephone. Photo: Bloomberg
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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 (US$6 billion or $7.79 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.

An official at HKMA's New York Representative Office confirmed the transaction, the first such intervention since 2020, by phone.

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