Core Viewpoint - The Hong Kong Monetary Authority (HKMA) intervened in the market by selling HKD 60.543 billion due to the Hong Kong dollar reaching the strong-side convertibility guarantee, marking the first occurrence since October 28, 2020 [1] Group 1: Market Intervention - The HKMA injected a total of HKD 116.614 billion into the market on May 3 and May 5 prior to the intervention on May 6 [1] - The strong-side convertibility guarantee was triggered as the HKD/USD exchange rate reached 7.75, prompting the HKMA to buy USD and sell HKD to stabilize the exchange rate [1] Group 2: Currency Dynamics - The recent strength of the HKD is attributed to increased demand related to stock investments, which supports the HKD exchange rate [2] - The USD index fell to a low of 99.60, with a maximum decline of over 0.43%, leading to capital flows towards Asian currencies [1][2] - The offshore RMB fell below the 7.20 mark against the USD, reaching a low of 7.19, marking the first occurrence since November of the previous year [1] Group 3: Economic Outlook - Jefferies' global FX head suggests that the natural resolution to trade tensions may involve a depreciation of the USD, making bets against the USD in favor of Asian currencies potentially meaningful [2] - South China Futures indicates a temporary easing in international trade tensions, which may lead to a technical recovery of the USD index, although the long-term economic outlook for the US remains weak, constraining the USD's strength [2]

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) activated the "strong-side convertibility guarantee" at 7.75 HKD per USD, indicating a strong demand for HKD driven by stock market activities and upcoming large IPOs [1][2][3] Group 1: Currency Stability Mechanism - The HKMA purchased USD and sold a total of 46.539 billion HKD to maintain currency stability, increasing the banking system's aggregate balance to 91.309 billion HKD by May 7 [1] - The last activation of the "strong-side convertibility guarantee" occurred on October 28, 2020, highlighting the rarity of such events [2] - The HKMA's monetary policy aims to keep the HKD stable, with a target range of 7.75 to 7.85 HKD per USD under the currency board system [3][4] Group 2: Market Dynamics - Recent strong demand for HKD is attributed to increased stock investment activities and the appreciation of several regional currencies against the USD [2] - The HKMA is closely monitoring market dynamics to ensure orderly operations of the HKD market [2] - The influx of "southbound funds" into the Hong Kong stock market has contributed to the strengthening of the HKD [3] Group 3: Financial Environment - Hong Kong's financing activities remain robust, with the stock exchange ranking among the top five globally for new stock market financing [3] - The HKMA's commitment to maintaining the currency peg is supported by a fully backed monetary base with USD assets [3][5] - The automatic interest rate adjustment mechanism helps stabilize the HKD exchange rate by managing the supply and demand dynamics in the market [5]

5月3日，香港金融管理局（HKMA）出手干预外汇市场，斥资465.39亿港元（约合60亿美元）购买美元，以捍 卫港币联系汇率制度。此前，美元兑港币汇率于5月2日触及7.75的强方兑换保证水平。 近期，美国特朗普政府贸易政策引发的金融市场震荡，导致部分投资者对美元避险地位产生疑虑，共同促成了 美元走弱以及资金从美元资产流出的趋势。 在2022年和2023年，金管局曾多次因港币触及7.85的弱方兑换保证而入市卖出美元。此次大规模买入美元，清 晰地展示了联系汇率制度下金管局维护汇率稳定的双向干预能力。 香港的联系汇率制度（LERS）设立于1983年。2005年，该制度经优化后确立了7.75港元（强方兑换保证）至 7.85港元（弱方兑换保证）兑1美元的明确交易区间。历史上，该制度虽屡次受到知名投机者的挑战，但始终表 现稳固。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观 点或结论是否符合其特定状况。据此投资，责任自负。 根据彭博自2004年开始统计的数据，这是香港金管局有记录以来最大的单日美元购买操作。香港金管局纽 ...