港元，突发！紧急行动！

Core Viewpoint - The article discusses the significant depreciation of the US dollar and its impact on Asian currencies, highlighting a shift in international capital flows and market dynamics [2][3][12]. Currency Movements - The US dollar index fell by 0.22%, reaching 99.82, with a minimum drop to around 99.60, marking a maximum decline of over 0.43% during the trading session [1][2]. - The offshore RMB broke the 7.20 mark against the US dollar, hitting a low of 7.19, the first time since November of the previous year, with a daily drop exceeding 200 basis points [5][6]. - The US dollar to New Taiwan dollar experienced a maximum drop of over 4%, the largest since 1988, with the exchange rate falling below 30 for the first time since February 2023, reflecting a year-to-date decline of over 9% [6][7]. Market Reactions - The weakening of the US dollar has led to increased demand for Asian currencies, with significant movements observed in the Malaysian ringgit and South Korean won, both showing declines exceeding 1% against the dollar [7]. - The Hong Kong dollar triggered the strong-side convertibility guarantee for the first time since October 2020, with the Hong Kong Monetary Authority intervening to stabilize the currency by buying US dollars and selling HKD [8][9]. Economic Implications - Analysts suggest that the erratic tariff policies of the US government have heightened concerns about a potential recession in the US economy, leading to a reduced willingness among international investors to hold US assets [7][12]. - The article notes that the recent trends in currency movements may indicate a temporary easing of trade tensions, which could support a technical recovery of the US dollar index, although the long-term outlook for the US economy remains bleak [13][14].