Hong Kong’s bill for defending city’s currency since April stands at HK$52.9 billion

The Hong Kong Monetary Authority, the city’s de facto central bank, intervened in the foreign currency market to defend the Hong Kong dollar on Tuesday, bringing its total purchases of its own currency since April to about HK$52.9 billion (US$6.7 billion).
It bought HK$1.57 billion of the currency during New York trading hours as the Hong Kong dollar hit the 7.8500 per US dollar level, the lower end of its permitted trading band.
The total intervention is expected to reduce the city…

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