Under its currency board system, the Hong Kong Monetary Authority must keep the local currency within a trading range between 7.75 to 7.85 per dollar. Above: an employee counts Hong Kong one thousand dollar banknotes. Photo: Bloomberg

Hong Kong Monetary Authority intervenes in currency market for first time since May

De facto central bank steps in to defend the Hong Kong dollar, as breaking point looms where city’s banks could feel pressure to raise home mortgage rates.

Topic |   Hong Kong Monetary Authority (HKMA)

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Under its currency board system, the Hong Kong Monetary Authority must keep the local currency within a trading range between 7.75 to 7.85 per dollar. Above: an employee counts Hong Kong one thousand dollar banknotes. Photo: Bloomberg
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