An employee counts US$100 banknotes at the Hang Seng Bank headquarters in Hong Kong, on Tuesday, April 16, 2019. Photo: BloombergAn employee counts US$100 banknotes at the Hang Seng Bank headquarters in Hong Kong, on Tuesday, April 16, 2019. Photo: Bloomberg
An employee counts US$100 banknotes at the Hang Seng Bank headquarters in Hong Kong, on Tuesday, April 16, 2019. Photo: Bloomberg

Hong Kong intervenes for the third time in August to weaken local dollar as funds keep pouring in ahead of blockbuster IPOs

  • HKMA spent HK$114.41 billion intervening in the currency market 35 times in four months to bring the local dollar within its trading band
  • Excess liquidity helped to lower the cost of funds, with the one-month interbank offered rate falling to 0.2 per cent, from 2 per cent in March, giving a breather to businesses and mortgage borrowers struggling with the worst recession on record

Topic |   Hong Kong Monetary Authority (HKMA)
An employee counts US$100 banknotes at the Hang Seng Bank headquarters in Hong Kong, on Tuesday, April 16, 2019. Photo: BloombergAn employee counts US$100 banknotes at the Hang Seng Bank headquarters in Hong Kong, on Tuesday, April 16, 2019. Photo: Bloomberg
An employee counts US$100 banknotes at the Hang Seng Bank headquarters in Hong Kong, on Tuesday, April 16, 2019. Photo: Bloomberg
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