Business

Hong Kong spends $202 million to protect currency peg


Hong Kong reduced its foreign exchange reserves for the first time in three years to protect its longstanding dollar exchange rate, which acted as a cushion for the local currency against the strong greenback.

The Chinese territory’s de facto central bank, the Hong Kong Monetary Authority, on Thursday said it sold US dollars to buy HK$1.586 billion, or about $202 million.



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