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