In order to defend the Hong Kong dollar, the Hong Kong Monetary Authority (HKMA) revealed it intervened in forex markets on Wednesday. Economics
Following the Bank of England explaining that it would be meddling in U.K. bond markets and the Bank of Japan defending the yen in the foreign exchange market last week, the Hong Kong Monetary Authority revealed it intervened in forex markets on Wednesday. Hong Kong’s central bank detailed that it interfered in forex markets in order to defend the Hong Kong dollar as it showed signs of weakness against the greenback on September 28.While the euro and pound sterling lost 12-17% against the U.S.
On Wednesday, September 28, reports detail that a “flight of capital from the Hong Kong dollar market” pushed the HKMA to step in and defend the HKD in forex markets. South China Morning Post reporter Enoch Yiuon Wednesday that the HKMA said it intervened in order to “support the peg after the local currency hit the weaker end of its HK$7.75 to HK$7.85 trading band.”
SCMP details that it’s the first time in seven weeks the central bank defended the HKD in this fashion and the HKMA has chosen to intervene in the foreign exchange market 32 times this year. Year-to-date, the HKD/USD exchange rate is down 0.83% and the de facto central bank has purchased HK$215 billion this year.detail that the central bank has purchased local dollars “at a record pace to defend the city’s currency peg.
benchmark bank rates following the United States Fed’s recent rate hike on September 22. At the time, the HKMA hiked the rate by 75 basis points bringing the lending rate to 3.5%. The third and current chief executive of the HKMA, Eddie Yue, detailed that he did not see a major risk to the territory’s housing market. “The latest rate on bad debt is about 1% and may adjust upward a little bit. But it is still low as compared to some international levels,” Yue remarked last week.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
China, Hong Kong, Thailand, and UAE Trial Cross-Border Transactions With Digital Currencies – Finance Bitcoin NewsThe monetary authorities of four jurisdictions in Asia have tested international settlements using state-issued digital currencies.
Leer más »
Best Universities for Blockchain 2022: City University of Hong KongIn the last three years, CityUHongKong held eight university blockchain initiatives and conferences – despite the pandemic. It ranks No. 17 on the CoinDeskUniversities list. EducationWeek, sponsored by atlasweb3group:
Leer más »
Hong Kong wins over Wall Street CEOs after lifting strict Covid rules | CNN BusinessHong Kong has finally secured commitments from some of the world's biggest banks to participate in a long-awaited summit, as it seeks to reaffirm its status as a global financial hub.
Leer más »
This Ultra-Rare Gold Patek Philippe Watch Could Fetch $2 Million at Auction This FallThe first series Ref. 2499 will lead Phillips's Hong Kong watch auction in November.
Leer más »
Cathy Park Hong, the Poet Pundit.cathyparkhong's book 'Minor Feelings: An Asian American Reckoning' became COVID canon — and Hong became liberal America’s go-to Asian thinker. cliomiso reports
Leer más »