HK sees capital inflows worth $14B since April

0 Comment(s)Print E-mail Xinhua, July 31, 2020
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More than 109 billion Hong Kong dollars (about 14 billion U.S. dollars) have flowed into Hong Kong's monetary system since April, the Hong Kong Monetary Authority (HKMA) said Thursday, stressing the financial markets have remained stable.

Hong Kong's banking system has sufficient liquidity and the foreign exchange and monetary markets also operated normally, the HKMA said.

The Hong Kong dollar has been strong over the past months as its exchange rate against the U.S. dollar hit 7.75 again on Wednesday, the 30th time since April, which means the market still has a great demand for the currency.

The HKMA in response sold 3.1 billion Hong Kong dollars to ensure the Linked Exchange Rate System (LERS).

Under the LERS, the HKMA is obliged to keep the exchange rate of the local currency within a range between 7.75 and 7.85 against the U.S. dollar, buying Hong Kong dollars at the weak end and vise versa.

The HKMA said it will closely monitor the market situation and ensure the smooth operation of money and foreign exchange markets and the currency stability in accordance with the LERS.

The financial markets of Hong Kong have remained stable performance despite external uncertainties, including the impact from COVID-19. 

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