Asia forex intervention gets underway early!

The Hong Kong Monetary Authority is HK’s ‘central bank’ and they are in to prevent the HKD from rising beyond its peg.

  • HKMA injected HKD 1.14bn into the banking system (in effect this is sale of HKD 1.39bn)

The linked exchange rate is kept between 7.75 and 7.85 

Lower USD/HKD is higher HKD, its knocking on the door of 7.75

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