|Day's Range||7.847 - 7.849|
|52 Week Range||7.7934 - 7.8555|
Hedge-fund manager Kyle Bass teams up with former Trump administration adviser Steve Bannon to “raise awareness” about an economic war between the U.S. and China, that they say is financed by Wall Street
The Hong Kong Monetary Authority (HKMA) stepped into the currency market again on Saturday in London and U.S. trading hours, buying HK$1.51 billion in Hong Kong dollars as the local currency repeatedly hit the lower end of its allowable trading band. The latest intervention will reduce the aggregate balance - the sum of balances on clearing accounts maintained by banks with the HKMA - to HK$74.8 billion on March 12, according to Reuters data. HKMA announced the intervention mid-Saturday.
Excess cash in Hong Kong's banking system has caused the local dollar to weaken so far in 2019, and traders expect the pegged currency will soon test the lower end of its tight band against the U.S. dollar. The Hong Kong dollar has fallen more than half a percent since early December, when it was trading close to the middle of its 7.75-7.85 band against the U.S. dollar. One-month inter-bank rates(HIBOR) have fallen 139 basis points since mid-December, mimicking a drop in U.S. yields as expectations rose for the Federal Reserve to slow its pace of monetary tightening.
Hong Kong-based money transfer platform Bitspark has launched what is reportedly the first stablecoin pegged to the Hong Kong dollar (HKD), local tech and finance news outlet Fintech Hong Kong reports Jan. 29. “Until now, US Dollar stablecoins have dominated the market but there are other national currencies in the world, like the Hong Kong Dollar,” the publication quotes CEO George Harrap as saying.
A period of weakness for Hong Kong's dollar may be coming to an end. The tightly controlled currency is showing signs of strength on the prospect of higher local interest rates.
The Hong Kong dollar experienced a sudden, sharp spike on Friday, pulling it off the weak end of its narrow trading band where it had been stuck at for six months. Expectations of a rise in bank lending rates and tightness in cash supplies appeared to cause the Hong Kong currency to climb to 7.8244 to the U.S. dollar, its highest level since late February. Since March, it had stayed near 7.85, the lower end of the Hong Kong Monetary Authority's managed trading band.
Emerging markets extended their recovery on Friday, as what looked set to be a marquee week for South Africa’s rand and the best day for Chinese stocks in over two years helped sweep away some of the recent gloom. The day's surprise came from the closely-controlled Hong Kong dollar which saw its biggest spike since 2003 overnight and a frenzy of activity options market in the process. Traders couldn't entirely explain the move, although some pointed to a rise in local money market rates as evidence that domestic banks might raise their lending rates next week, in reaction to another possible rate rise by the U.S. Federal Reserve.
The Hong Kong dollar advanced about 0.2 percent against the dollar in early Friday trade, hitting its highest levels since late February. It rose to as high as 7.8244 to the U.S. dollar, and last traded ...
Aug 31 (Reuters) - HSBC Holdings Plc: * SAYS TO RAISE HONG KONG DOLLAR 3-MONTH, 6-MONTH AND 18-MONTH NEW FUND TIME DEPOSIT RATES, EFFECTIVE SEPT 3 * SAYS HKD TIME DEPOSITS MINIMUM AMOUNT IS HK$10,000 ($1,274.02) ...
Investing.com - The dollar slipped on Friday after rising briefly earlier in the day following the conclusion of the trade talks between U.S. and China that has yielded little progress.
Investing.com - The U.S. dollar advanced on Wednesday after hitting another 13-month high in the previous session as safe-haven demand increased amid lingering concerns over the Turkish lira crisis.
HONG KONG, Aug 15 (Reuters) - The Hong Kong Monetary Authority (HKMA) stepped into the currency market in the U.S. trading hours on Tuesday, buying HK$2.159 billion ($275.05 million) in Hong Kong dollars ...