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港元汇价触及弱方兑换保证 香港金管局在市场买入70.65亿港元
智通财经网· 2025-08-13 01:52
Core Viewpoint - The Hong Kong dollar has weakened, triggering the weak-side convertibility guarantee at 7.85 per US dollar, leading to the Hong Kong Monetary Authority (HKMA) intervening in the market by selling US dollars and buying Hong Kong dollars [1] Group 1: Currency Intervention - On August 13, after the New York trading session, the HKMA sold 70.65 billion HKD to the market, resulting in a decrease of the banking system's balance to 570.91 billion HKD on August 14 [1] - This marks the 11th time since June that the HKMA has intervened, accumulating a total of 1,165.94 billion HKD, which is approximately 90% of the capital inflow seen in May [1] Group 2: Historical Context - The last time the weak-side convertibility guarantee was triggered was on August 6, when the HKMA absorbed 84.39 billion HKD [1] - In early May, the Hong Kong dollar had triggered the strong-side convertibility guarantee multiple times, with a total inflow of 1,294 billion HKD, indicating a significant shift in the currency's strength over the past two months [1]
港汇触发“弱方兑换保证” 香港金管局买入94.2亿港元
Mei Ri Jing Ji Xin Wen· 2025-06-26 09:48
Core Viewpoint - The Hong Kong Monetary Authority (HKMA) activated the "weak-side convertibility guarantee" under the linked exchange rate system, selling USD and buying HKD worth 94.2 billion HKD, as the HKD weakened to 7.85 HKD per USD during the New York trading session on June 26 [1] Group 1 - The last occurrence of the "weak-side convertibility guarantee" was in May 2023, while the "strong-side convertibility guarantee" was triggered on May 3, 2023, when the HKD reached 7.75 HKD per USD [1] - HKMA's President, Eddie Yue, noted that the HKD had previously seen a capital inflow of 129.4 billion HKD due to the "strong-side convertibility guarantee" in May, indicating a shift in market dynamics [1] - Factors contributing to the HKD's weakening include reduced demand for HKD due to the end of the dividend payout season, non-local companies converting HKD from IPOs or bond issuances back to their currencies, and the completion of half-year funding needs [1] Group 2 - The HKMA emphasizes the importance of maintaining HKD exchange rate stability as part of its monetary policy objectives, given Hong Kong's open economy and lack of foreign exchange controls [2] - The HKMA provides convertibility guarantees, committing to sell HKD at the "strong-side" level of 7.75 HKD per USD and buy HKD at the "weak-side" level of 7.85 HKD per USD upon banks' requests [2] - Eddie Yue advised caution in managing interest rate and market risks, indicating that the HKD may trigger the "weak-side convertibility guarantee" again in the future as bank reserves decrease and HKD interbank rates may rise [2]
东方财富策略陈果团队港股回调点评:港汇触及弱方保证,短期香港流动性边际收紧预期升温
Xin Lang Zheng Quan· 2025-06-19 12:07
Core Viewpoint - The Hong Kong dollar (HKD) has recently experienced significant fluctuations against the US dollar, triggering both the "strong-side convertibility guarantee" and the "weak-side convertibility guarantee" due to changes in liquidity and interest rates [1][2]. Group 1: Currency Exchange and Monetary Policy - On April 30, the HKD/USD exchange rate hit 7.75, activating the "strong-side convertibility guarantee" [2]. - From May 3 to 6, the Hong Kong Monetary Authority (HKMA) injected a total of 129.4 billion HKD into the market, leading to an expansion of HKD liquidity [2]. - The injection of HKD significantly lowered the HIBOR rates, with the 1-month HIBOR dropping from 3.65% in April to 0.67%, and overnight rates approaching 0% [2]. Group 2: Market Reactions and Expectations - The widening of the HKD-USD interest rate differential (HIBOR-SOFR) has prompted carry trades, resulting in a depreciation of the HKD, which is now approaching the "weak-side convertibility guarantee" at 7.85 [2]. - The HKMA is expected to tighten liquidity in the short term, which may alleviate the depreciation pressure on the HKD as HIBOR rates rise again [2]. - Historically, the HKD has touched the "weak-side convertibility guarantee" four times since 2017, leading to pressure on the Hang Seng Index and Hang Seng Tech Index during those periods [2].
人民币、港币双强,A股启动上攻铁律
Sou Hu Cai Jing· 2025-05-06 08:26
刚过去的长假,金融市场掀起惊涛骇浪,最刺眼的莫过于人民币的狂飙式升值。这看似利好的表象下,实 则暗潮汹涌,一场资本的博弈早已悄然展开。 一、强方兑换保证,五年一遇的市场信号 别以为只有人民币备受瞩目,外资对港币的 "偏爱" 更是有过之而无不及。5 月 3 日,港币一头扎进强方兑 换保证区间。这可不是什么简单的汇率波动,背后的门道深着呢!港币与美元联动,汇率锁定在 7.75 - 7.85 之间,一旦港币触及 7.75,国际市场需求仍高烧不退,港村就得紧急释放大量港币 "接盘" 美元,这就是强 方兑换保证机制。 这可是实打实的资产牛市信号灯!上一次亮起还是 2020 年 10 月 28 日,当时恒指在 25000 点左右徘徊,短 短 3 个月后,直接飙升到 3 万多点。5 月 2 日,港股也确实牛气冲天,单日涨幅达 1.74% 。但别忙着欢 呼,难道就此就能断定港股要带着 A 股一路狂飙?太天真了!长假期间,外资惯用的伎俩就是提前潜入, 等假期结束,反手就把筹码甩给南向资金。果不其然,长假一结束,港股开盘就开始 "表演" 上下震荡,涨 势戛然而止。 记住,当市场看似一片繁荣时,恰恰是最危险的时刻。你以为看到了全部 ...
5月5日电,香港金管局在市场卖出95.32亿港元,因港元汇价触及强方兑换保证。
news flash· 2025-05-05 09:13
Group 1 - The Hong Kong Monetary Authority sold HKD 95.32 billion in the market due to the Hong Kong dollar reaching the strong-side convertibility guarantee [1]
近5年来首次,香港金管局入市,斥资465亿港元购买美元
Mei Ri Jing Ji Xin Wen· 2025-05-03 14:28
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]
港元兑美元走强至7.75,触及强方兑换保证水平。
news flash· 2025-05-02 11:51
Core Viewpoint - The Hong Kong dollar has strengthened against the US dollar to 7.75, reaching the strong-side convertibility guarantee level [1] Group 1 - The exchange rate movement indicates a significant appreciation of the Hong Kong dollar [1] - The strong-side convertibility guarantee level is a critical threshold for the Hong Kong Monetary Authority [1]