Hong Kong has been forced to intervene and support its currency after the Hong Kong dollar slumped to its weakest level since 2005.
The Hong Kong Monetary Authority took the rare step of stepping in after the currency slumped to HK$7.85 against the US dollar, the lower end of its permitted trading band.
HKMA used its reserves to sell US$104m and buy HK$816m from the market, reducing its “aggregate balance” to HK$179bn — it was the first time the currency has triggered the weak side of the trading band since it was set in 2005.
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