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Hong Kong Monetary Authority (HKMA)

The Hong Kong Monetary Authority (HKMA) was established in April 1993 by merging the Office of the Exchange Fund with the Office of the Commissioner of Banking. The HKMA is responsible for maintaining monetary and banking stability, including maintaining currency stability within the framework of the Linked Exchange Rate system under which the Hong Kong dollar is pegged to the US dollar.

 

The Monetary Authority has been pouring Hong Kong dollars into the market to maintain the city's currency peg. Photo: AFP

Cash dam reopened to flush out hot money

The city's de facto central bank again sold down the Hong Kong dollar yesterday to maintain the currency peg to the US dollar as so-called hot money continued to pour in.