Hong Kong Monetary Authority "Market Rescue"

HKD Exchange Rate Breaks Through 7.85; HKMA Intervenes to 'Save the Market' for the First Time in 13 Years!

The Hong Kong dollar fell to 7.85 against the US dollar yesterday, hitting the weak-side convertibility undertaking. The Hong Kong Monetary Authority (HKMA) finally 'drew its sword,' intervening to purchase Hong Kong dollars for the first time in thirteen years, marking the start of the defense of the Hong Kong dollar.