The Hong Kong dollar rose to a near 22-month high against the US dollar on Wednesday afternoon, buoyed by persistent fund flows into the territory. The local currency hit a session high of 7.7593 per US dollar, its highest level since late November 2003, before pulling back slightly to 7.7597/99, strengthening from 7.7624/26 in late Asia trade on Tuesday.
"Hot money has been flowing in for over a week. It looks likely to stay in Hong Kong for investment opportunities," said a dealer from a European bank. The HK$ has recently drawn support from an inflow of funds for jumbo IPOs expected to be launched before the year-end.
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