HONG KONG: The Hong Kong Monetary Authority (HKMA) on Wednesday intervened in the foreign-exchange market for the first time in seven weeks to defend the local currency's peg against the US dollar, following flight of capital from the Hong Kong dollar market after US rates rose to a 14-year high last week.
The HKMA, the city's de facto central bank, bought HK$1.94 billion (US$247 million) and sold US$247 million, it said in a statement, to support the peg after the local currency hit the weaker end of its HK$7.75 to HK$7.85 trading band with the US dollar.
