Hong Kong’s central bank sold its own currency for the second time in less than a week to halt the rise of the Hong Kong dollar against the US dollar, selling HK$3.9bn ($500m) yesterday.
The intervention follows the Hong Kong Monetary Authority’s swapping of HK$4.67bn on October 19 for US dollars, the first time the central bank had made such a move since December 2009.
The mechanisms that govern Hong Kong’s currency board, by which the Hong Kong dollar’s exchange rate is linked to the US dollar, mean that the central bank must buy US dollars when the Hong Kong currency pushes up against the higher limits of its trading band of US$1 to HK$7.75. Yesterday the Hong Kong dollar was at HK$7.7501, according to Bloomberg.
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