Hong Kong defends local dollar in first currency intervention in 18 months amid capital outflow in pursuit of higher US yields

May 12, 2022 | INVESTING

The Hong Kong Monetary Authority stepped into the financial markets on Thursday for the first time in 18 months to support the local currency, as US interest rate rises has led to carry-trade activities and capital outflows that weakened the Hong Kong dollar to the bottom of its trading range against the US dollar.

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