Hong Kong one-thousand dollar banknotes run through a counting machine at the Hang Seng Bank. Photo: Bloomberg
Hong Kong one-thousand dollar banknotes run through a counting machine at the Hang Seng Bank. Photo: Bloomberg

HKMA intervenes to defend Hong Kong dollar peg, taking currency purchases beyond HK$100 billion amid capital flight

  • The HKMA has bought HK$104.28 billion and sold US$13.28 billion in 14 interventions since May, surpassing the previous annual interventions in 2018 and 2019
  • Widening yield gap has stoked capital flight from Hong Kong as commercial banks in the city refrained from raising their rates

Hong Kong one-thousand dollar banknotes run through a counting machine at the Hang Seng Bank. Photo: Bloomberg
Hong Kong one-thousand dollar banknotes run through a counting machine at the Hang Seng Bank. Photo: Bloomberg
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