|Day's Range||7.842 - 7.845|
|52 Week Range||7.7825 - 7.8532|
Fitch Ratings has downgraded Hong Kong’s credit rating as three-month months of angry protests have persisted, threatening “the stability and dynamism of its business environment,” the credit-rating agency said late Thursday.
Hong Kong’s tumbling equity market is stoking fears for the economy, as well as the stability of the capital markets.
Stablecoins issuer TrustToken has launched yet another product - this time pegged to the Hong Kong dollar (HKD), the firm announced Tuesday.The post TrustToken rolls out its first Asian offering with Hong Kong dollar-backed stablecoin appeared first on The Block.
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.