Hong Kong Dollar Exchange rate

The 0m buy will help shore up the exchange rate, and protect it against the dollarThe Hong Kong Monetary Authority (HKMA) made a one-off purchase of $690m on July 25, in order to defend the Hong Kong dollar’s 31-year peg against the greenback. It was the first dollar purchase made by HKMA since 2012.

‘[H]aving regard to the on-going listings, mergers and acquisitions, and dividend distributions in the market, we expect that the Hong Kong dollar exchange rate would remain strong in the near-term, ’ wrote Peter Pang, Deputy Chief Executive of the HKMA, in a posting on the agency’s website on July 26.

[B]anks have been asked to advise their customers to spread out or limit their purchases of Hong Kong dollars in order to
limit volatility

The local currency has been pegged to the dollar since 1983, and in 2005 Hong Kong authorities committed to limiting the currency exchange to HK$7.85 to the dollar.

‘After a net inflow of around US$100 billion into the Hong Kong dollar between August 2008 and December 2012, the exchange rate of the Hong Kong dollar against US dollar has again strengthened to 7.75, triggering the strong-side Convertibility Undertaking multiple times since 1 July, ’ explained Pang in his post. ‘Within two weeks (between 1 and 15 July), the HKMA has bought in a cumulative total of $5.64bn. During New York trading hours yesterday, the HKMA further bought in $690m. Since early July, the Aggregate Balance has increased by HK$49.05bn to HK$212.92bn due to net inflows.’

According to Pang, banks have been asked to advise their customers to spread out or limit their purchases of Hong Kong dollars in order to limit volatility. Because of the high volume of commercial activity in Hong Kong, the months between July and September will see an increase in outflows due to paid out dividends.

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