港元五连升！汇率触及三月高位，南向资金单日涌入358亿

Core Viewpoint - The Hong Kong dollar (HKD) has experienced a significant appreciation against the US dollar, reaching a high of 7.7926 HKD per USD, marking the fifth consecutive trading day of strengthening [1]. Group 1: Exchange Rate Dynamics - The HKD has broken through multiple key levels, moving from a weak exchange guarantee level of 7.85 to 7.80, with the USD touching its lowest level in over three months at 7.7990 HKD [1]. - The recent appreciation follows a period of depreciation where the HKD fell to near the weak side of the peg, demonstrating the volatility inherent in the linked exchange rate system established in 1983 [3]. Group 2: Monetary Policy and Market Response - The Hong Kong Monetary Authority (HKMA) intervened by absorbing HKD 70.65 billion and HKD 33.76 billion on August 13 and 14, respectively, to stabilize the currency, resulting in a decrease in the banking system's aggregate balance from nearly HKD 175 billion to approximately HKD 53.7 billion [3]. - The tightening of HKD liquidity has led to a significant increase in the Hong Kong Interbank Offered Rate (HIBOR), with overnight rates rising from below 0.2% to nearly 3% [3]. Group 3: Impact of Southbound Capital Flows - The recent surge in the HKD is closely linked to a reversal in carry trade positions, as liquidity has tightened and the cost of HKD funding has increased [4]. - Southbound capital flows have created strong demand for HKD, with a record net inflow of nearly HKD 358.77 billion on August 15 and a total transaction volume of HKD 1,689.97 billion on August 19, further driving the appreciation of the currency [4].