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Hong Kong banks’ aggregate balance hits nearly 3-yr high

Abstract : The aggregate balance in Hong Kong's banking systems hit a nearly three-year high with a strong local currency and a continuous capital influx, reassuring investors about the stability of the global financial center.

HONG KONG, Aug. 25 (Xinhua) — The aggregate balance in Hong Kong’s banking systems hit a nearly three-year high with a strong local currency and a continuous capital influx, reassuring investors about the stability of the global financial center.

The Hong Kong Monetary Authority (HKMA) injected 643 million Hong Kong dollars into the market on Tuesday to ensure the exchange rate of the currency against the greenback stay within a range between 7.75 and 7.85 under the Linked Exchange Rate System.

After the move, the aggregate balance of Hong Kong banks rose to 188.38 billion Hong Kong dollars.

The Hong Kong dollar has remained strong since April as its exchange rate against the U.S. dollar hit 7.75 for more than 30 times, pointing to great market demand for the local currency. In the process, capital inflows have accumulated to more than 110 billion Hong Kong dollars.

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

The financial markets of Hong Kong have remained stable despite external uncertainties, including the impact of COVID-19. (1 USD equals 7.75 HKD) Enditem

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Source: Hong Kong banks’ aggregate balance hits nearly 3-yr high

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