Genuine 1,000 Hong Kong dollar banknotes (about $130 each). (Mike Clarke/AFP/Getty Images) On Aug. 5, Hong Kong’s central bank bought the largest amount of its currency in one day since May 12—HK$14.161 billion (about $1.80 billion)—to stop it from weakening further and breaking its peg to the U.S. dollar.
On July 28, after the U.S. Federal Reserve announced a rate hike of 75 basis points, the Hong Kong Monetary Authority ( HKMA ), the city’s central bank, followed suit and raised its base rate upward by 75 basis points to 2.75 percent.
Since Oct. 17, 1983, Hong Kong has adopted the […]
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