The Hong Kong Monetary Authority (HKMA) intervened in the foreign exchange market overnight for the 11th time since late June, buying local currency and absorbing interbank liquidity in a move that analysts believe will increase local interest rates and deter carry traders looking to exploit the city’s interest rate differential with the US dollar.
The HKMA said it sold US$900 million and purchased the equivalent of HK$7.07 billion at an exchange rate of HK$7.85 per US dollar during New York…
