Tuesday, July 17, 2018
 
Columnist
Martin Hennecke

HKMA steps in to support dollar
 
17/05/2018
 
The Hong Kong Monetary Authority intervened in the currency market again yesterday after stepping in 13 times in April, as the Hong Kong dollar hit its weaker end. It bought HK$1.57 billion, which will drag its aggregate balance to HK$126.93 billion today. Meanwhile, HKMA deputy chief executive Arthur Yuen has criticised Fitch’s cut of its assessment of the operating environment for Hong Kong’s banks. "Asserting that local banks face high risk simply based on a relatively high ratio of mainland exposures reflects a lack of understanding about the mainland economy and Hong Kong banks' risk management experience accumulated over the past two decades," he wrote, adding that "the classified loan ratio of Hong Kong banks' mainland-related lending has remained below 1 percent in the past five years" under the HKMA's supervision.
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