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Hong Kong Dollar Triggers Weak-Side Convertibility Mechanism, Hong Kong Monetary Authority Injects HK$14.829 Billion to Uphold Linked Exchange Rate
2 week ago /
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Author：小编
On July 16, the Hong Kong dollar weakened, prompting the activation of the weak-side convertibility mechanism, which is set at 7.85 Hong Kong dollars to 1 US dollar. In response, the Hong Kong Monetary Authority (HKMA) intervened by purchasing HK$14.829 billion and selling US dollars to safeguard the linked exchange rate system. This action led to the aggregate balance of the Hong Kong banking system decreasing to HK$86.429 billion the following day, marking a drop below the HK$100 billion threshold.
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