Here we go again as the Hong Kong Monetary Authority stick another finger in the dam
The Hong Kong $ is pegged at 7.80 vs USD but can trade between 7.75-7.85. However under the rules of the peg the HKMA is obliged to step in when either extreme is traded to keep the band intact
This on-going intervention is at the lower end of that band
On Monday they sold HK$ 3.1bln to add to the HK$8.37bln last week, and the HK$15bln+ in Sept
How much more can they throw at it before the dam breaks?
