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Hong Kong dollar nears weak end of trading band, HKMA intervention looms
SHANGHAI/HONG KONG: The Hong Kong dollar edged towards the weak side of its trading band at 7.85 per US dollar on Tuesday, a level that could prompt the Hong Kong Monetary Authority (HKMA) to step in and buy the local currency to defend its peg. The Hong Kong dollar is pegged to a tight band of between 7.75 and 7.85 versus the US currency. The currency was trading at 7.8475 per dollar as of 0325 GMT. Under the system, if the Hong Kong dollar hits 7.85, the HKMA is obliged to sell US dollars and buy Hong Kong dollars. That drains liquidity from the banking system and pushes up local interbank r...
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