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Hong Kong Monetary Authority pumps 500m US dollars into banking system.
Text of report by Hong Kong newspaper The Standard website on 24 October
The Hong Kong Monetary Authority continued to inject liquidity into the banking system yesterday by buying HK3.88bn dollars worth of US dollars to keep the Hong Kong unit within the official trading limits of its currency peg system.
"The Hong Kong dollar exchange rate has strengthened to near (the upper limit of the currency peg's convertibility range) while short-dated Hong Kong dollar interest rates rose to a premium over US dollar interest rates," said a spokesman for the SAR's de facto central bank.
"These developments reflect increased demand for Hong Kong dollars." …
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