香港金管局发声！

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) is actively managing liquidity to maintain the stability of the Hong Kong dollar (HKD) under the linked exchange rate system, with recent fluctuations in demand for HKD leading to interventions to uphold the currency's value [1][4]. Group 1: HKD Demand and Supply Dynamics - In May and June, there was a strong demand for HKD, but this demand decreased by late June and early July due to several factors, including the end of the dividend season for listed companies and the repatriation of funds by non-local companies from IPOs or bond issuances [2][4]. - The HKMA has intervened multiple times to withdraw liquidity, with a total of at least 590.72 billion HKD being bought back since late June [3][4]. Group 2: Interest Rate Sensitivity - The overnight interbank lending rates are becoming more sensitive to changes in market liquidity, with expectations that these rates may rise in the future [1][8]. - The interest rate spread between HKD and USD has widened significantly, with the overnight HKD rate dropping to 0.03% by the end of May, while the USD rate remained around 4.35%, resulting in a spread of 4.32 percentage points [6][7]. Group 3: Future Outlook - The HKMA warns that the potential for HKD interest rates to rise should be anticipated, especially as liquidity conditions change and external factors such as U.S. monetary policy and global financial market trends evolve [9]. - The HKMA will continue to monitor financial market changes closely and maintain the effectiveness of the linked exchange rate system to ensure monetary and financial stability in Hong Kong [9].