Hong Kong Spends Nearly $700 Million to Bolster Currency

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Hong Kong Spends Nearly $700 Million to Bolster Currency
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A glut of cash in Hong Kong’s financial system has pushed down market interest rates, depressing the city’s currency

The Hong Kong Monetary Authority intervened for the first time this year late last week, selling U.S. dollars to buy 1.51 billion Hong Kong dollars in London and New York trading hours on Friday.

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