Core Viewpoint - Barclays reports that hedge funds have accumulated a long position of $42 billion in USD/HKD over the past two years, with approximately 8% to 10% of this position being liquidated in the past week due to market volatility and intervention by the Hong Kong Monetary Authority [1] Group 1 - Hedge funds have built a long position of $42 billion in USD/HKD over the last two years [1] - Approximately 8% to 10% of these long positions were closed in the past week due to market fluctuations and intervention [1] - Long positions in USD/HKD have become one of the most popular arbitrage trades in recent years [1] Group 2 - Upcoming IPOs and dividend payments have increased demand for HKD, with expected dividend payments from April to June reaching $36.1 billion, nearly double the average of previous years [1] - However, these driving factors may weaken in the coming weeks, while Hong Kong is expected to maintain its currency peg [1]