The Hong Kong dollar traded on Monday close to its pegged level of 7.8 to the US dollar but there was insufficient activity to trigger an outflow of funds.
Under Hong Kong's pegged currency regime the Hong Kong Monetary Authority (HKMA) is obliged to step into the market if the currency breaks 7.8 and buy Hong Kong dollars for US dollars to defend the peg.
The Hong Kong dollar spot rate was quoted at 7.7999/80 in late trade, unchanged from late on Friday.
"There was not much business today," said a trader. "The market is waiting for some figures from the US I think a tight range will persist."
Comments
Comments are closed.