Core Viewpoint - The Hong Kong Monetary Authority (HKMA) intervened in the currency market for the first time in 2023 to maintain the stability of the Hong Kong dollar, which triggered the "weak-side convertibility guarantee" at 7.85 HKD per USD [1] Currency Mechanism - The Hong Kong dollar operates under a linked exchange rate system established in 1983, with a normal fluctuation range between 7.75 (strong-side guarantee) and 7.85 (weak-side guarantee) [1] - When the exchange rate hits the "strong-side guarantee," the HKMA buys USD and sells HKD to stabilize the rate at or below 7.75 [1] - Conversely, when the "weak-side guarantee" is triggered, the HKMA sells USD and buys HKD to maintain the rate at or above 7.85 [1] Market Intervention - On June 26, the HKMA bought a total of 9.42 billion HKD to stabilize the currency, resulting in a reduction of the banking system's aggregate balance to 164.098 billion HKD by June 27 [1] - In early May, the Hong Kong dollar was strong, triggering the "strong-side guarantee" four times, leading the HKMA to inject approximately 129 billion HKD into the market [1]
港汇走弱 香港金管局买入94.2亿港元
Xin Hua She·2025-08-08 08:00