南向流出与套利夹击，香港金管局一周三次出手稳汇市

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has intervened in the currency market by purchasing HKD 64.29 billion (approximately USD 8.19 billion) to maintain the stability of the Hong Kong dollar against the US dollar, following previous interventions in late July and early August [1][4]. Group 1: Currency Intervention - The HKMA's recent market intervention is part of a series of actions since June aimed at curbing the depreciation of the Hong Kong dollar, which has been pressured by significant interest rate differentials between Hong Kong and the US [4][5]. - In total, the HKMA has withdrawn HKD 138.9 billion from the market through currency purchases over the past week to keep the exchange rate within the 7.75-7.85 range [1]. Group 2: Market Dynamics - Southbound capital outflows reached approximately HKD 181 billion on Monday, marking the largest single-day net outflow since May 12, which has intensified downward pressure on the Hong Kong dollar [1][4]. - Seasonal demand reduction and the outflow of southbound funds are contributing to the prevailing selling pressure on the Hong Kong dollar, as noted by DBS Bank's strategist Carie Li [4]. Group 3: Interest Rate Expectations - Recent US employment data has led to expectations of potential interest rate cuts by the Federal Reserve, which could alleviate some pressure on the HKMA if the interest rate differential narrows [5]. - The ongoing arbitrage trading driven by the interest rate gap is expected to remain active, with further interventions from the HKMA likely in the future [4][5].