HKMA Buys HKD for the First Time Since 2019 to Defend Peg

Posted on 05/12/2022

The Hong Kong Monetary Authority (HKMA) has intervened to buy Hong Kong dollars against the U.S. dollar to defend its currency peg. This is the first time since 2019. HKMA purchased HK$ 1.586 billion worth of Hong Kong dollars to bring the exchange rate back within the trading band. The trading band has been in place since 2005.

The U.S. dollar has been rising pretty much against many other currencies.

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