Posted 11/17/2023, 6:26:00 AM
Hong Kong Fights to Maintain Currency Peg to US Dollar Amid Economic Headwinds
- Hong Kong authorities intervened 49 times in past year to defend currency peg to US dollar
- Interventions occur when HKD reaches lower end of trading band between 7.75-7.85 per dollar
- HK Monetary Authority buys HKD to drive up value when it hits lower band
- Defending peg increasingly difficult as HKD system out of sync with economy
- Authorities battle short sellers amid falters in property market