Tag: foreign currency reserves

Hong Kong’s Central Bank Pours In Cash to Stabilize Its Pegged Currency, Higher Mortgage Rates Ensued

August 6, 2022
ChinaFederal Reserveforeign currency reservesHKMAHong KongHong Kong Monetary Authority
0 Comment

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…

Read More

Stabilizing Currency Peg to US Dollar May Be Too Costly for Hong Kong This Time: Expert

July 31, 2022
Asia & PacificBusiness & MarketsChinaeconomyFederal Reserveforeign currency reservesHK BusinessHK Current AffairsHKMAHong KongHong Kong Monetary Authorityinterest rateMarketsmonetary policyUSDWorld
0 Comment

Hong Kong’s central bank has spent over $22 billion in ten weeks to stabilize the exchange rate of the Hong Kong dollar (HKD) amid weakening market confidence in the city’s currency. Since May 2022, the Hong Kong Monetary Authority (HKMA), the city’s central bank, has bought HKDs at its fastest pace to keep the U.S….

Read More

Hong Kong and China Upgrade Currency Swap Line, Allowing Beijing Access to Foreign Currency Reserves

July 13, 2022
central banksChinaChina Business & Economycurrency swap lineforeign currency reservesHK BusinessHKMAHong KongHong Kong Monetary Authoritythe people's bank of chinayuan
0 Comment

Nearly 30 percent of Hong Kong’s foreign currency reserves are now accessible to Beijing after the People’s Bank of China (PBC) and Hong Kong Monetary Authority (HKMA) upgraded their currency swap line on July 4. Upgrading the currency swap line to a standing arrangement was one of two new policies announced by the PBC and…

Read More