HK pumps billions into forex market to defend U.S. dollar peg

Updated Thursday, November 20, 2008 10:45 am TWN, AFP

HK pumps billions into forex market to defend U.S. dollar peg

HONG KONG -- The Hong Kong Monetary Authority on Wednesday stepped in to the forex market four times to stem an appreciating Hong Kong dollar against the greenback. The de facto central bank said it bought HK$10.62 billion (US$1.36 billion) worth of U.S. currency in four interventions, after the Hong Kong dollar repeatedly hit its upper trading band of 7.75 to the U.S. unit.

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