香港金管局：多重因素结合引致港汇触发弱方兑换保证

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has responded to media inquiries regarding the Hong Kong dollar triggering the "weak-side convertibility guarantee" under the linked exchange rate system, indicating that multiple factors have contributed to this situation [1] Group 1: Currency Exchange Mechanism - The Hong Kong dollar triggered the "weak-side convertibility guarantee" at a rate of 7.85 HKD to 1 USD during the New York trading session [1] - The HKMA sold a total of 9.42 billion HKD to the market in exchange for USD as a response to the triggering of the guarantee [1] - The banking system's aggregate balance is expected to decrease to 164.1 billion HKD on June 27 [1] Group 2: Market Conditions - The last occurrence of the "weak-side convertibility guarantee" was in May 2023, when the Hong Kong dollar had previously triggered the "strong-side convertibility guarantee," resulting in an inflow of 129.4 billion HKD [1] - The HKMA's Chief Executive, Eddie Yue, noted that the market had been experiencing ample liquidity, leading to a decrease in Hong Kong interest rates and an expansion of the interest rate differential between Hong Kong and the US [1] - Factors such as the nearing end of the dividend payout peak for listed companies, non-local companies converting HKD from IPOs or bond issuances back to their home currencies, and the completion of half-year funding needs have contributed to a reduced demand for the Hong Kong dollar [1]