The app download page for Ant Group's Alipay digital payment service arranged on a smartphone in Hangzhou on Monday, November 2, 2020. Photo: Bloomberg The app download page for Ant Group's Alipay digital payment service arranged on a smartphone in Hangzhou on Monday, November 2, 2020. Photo: Bloomberg
The app download page for Ant Group's Alipay digital payment service arranged on a smartphone in Hangzhou on Monday, November 2, 2020. Photo: Bloomberg

Hong Kong may sell bills to mop up excess cash sloshing in the city’s financial system after Ant’s record-breaking stock sale

  • The Hong Kong Monetary Authority (HKMA), the de facto central bank, has had buy up US$24.6 billion of US dollars in October to weaken the local currency and bring it back within a trading band
  • The retail portion of Ant Group’s stock sale attracted HK$1.3 trillion in orders, more than 390 times the initial supply

Topic |   Hong Kong Monetary Authority (HKMA)
The app download page for Ant Group's Alipay digital payment service arranged on a smartphone in Hangzhou on Monday, November 2, 2020. Photo: Bloomberg The app download page for Ant Group's Alipay digital payment service arranged on a smartphone in Hangzhou on Monday, November 2, 2020. Photo: Bloomberg
The app download page for Ant Group's Alipay digital payment service arranged on a smartphone in Hangzhou on Monday, November 2, 2020. Photo: Bloomberg
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