Monetary Authority intervenes to hold down value of the Hong Kong dollar

The Hong Kong Monetary Authority intervened in the currency markets for the first time in nearly three years yesterday to hold down the value of the Hong Kong dollar.

The currency has been pushed close to the upper limit of its trading band against the US dollar, to which it is pegged, by a flow of hot money into Asian currencies and stock markets from investors seeking better returns.

via Business feed http://www.scmp.com/news/hong-kong/article/1066058/monetary-authority-intervenes-hold-down-value-hong-kong-dollar