HKMA intervenes in the market for the fifth time in 2 weeks to defend currency peg

HKMA intervenes to drive away carry traders who have sought to take advantage of city’s rate gap with the US dollar

The moves would reduce the aggregate balance – a measure of the banking sector’s liquidity – by the same amount to HK$101.22 billion on Monday when the transactions would be settled, it added.

The local currency traded at HK$7.8497 after the intervention.