港元连破四关口，金管局两日买入104亿，汇率强劲升至7.818

Core Viewpoint - The Hong Kong dollar has shown a significant rebound against the US dollar, rising from a continuous level of 7.85 to surpass the 7.82 mark, indicating a strong recovery trend in the exchange rate [1] Group 1: Exchange Rate Movements - As of August 15, the Hong Kong dollar to US dollar exchange rate was reported at 7.81823, with a daily low of 7.81330, reflecting a robust upward movement [1] - The recent rise in the exchange rate has seen it break through four key levels, demonstrating a strong rebound [1] Group 2: Hong Kong Monetary Authority (HKMA) Interventions - The HKMA has intervened in the market by buying Hong Kong dollars to maintain exchange rate stability, purchasing 33.76 billion HKD on August 14 and 70.65 billion HKD on August 13 [3] - Following these interventions, the total balance in the Hong Kong banking system fell to 53.716 billion HKD [3] Group 3: Currency Peg Mechanism - The currency peg system in Hong Kong, implemented since 1983, allows for normal fluctuations of the Hong Kong dollar against the US dollar, with specific actions taken when the exchange rate hits certain thresholds [4] - The HKMA has intervened multiple times this year, buying over 110 billion HKD since the end of June, reflecting its commitment to maintaining the currency peg [4] Group 4: Market Reactions and Investor Behavior - The tightening of market liquidity due to HKMA interventions has led some investors to close their short positions on the Hong Kong dollar, resulting in a decline in the USD/HKD spot price [5] - Factors such as the Federal Reserve's monetary policy, stock market conditions, and global financial market trends will continue to influence the exchange rate dynamics [5]