Hong Kong dollar hits strong end of trading band for first time in four years
LONDON, May 2 (Reuters) - The Hong Kong dollar HKD=D3 hit 7.75 per U.S. dollar, the strong side of its trading band, on Friday for the first time since late 2020, according to LSEG data.
The currency is pegged in a narrow range of 7.75-7.85 to the U.S. dollar, and the territory's de facto central bank, the Hong Kong Monetary Authority, buys and sells the currency at either limit to maintain the range.
The Hong Kong dollar has been strengthening against the U.S. dollar in recent weeks, partly due to the U.S. dollar's weakness and also because of inflows into Hong Kong equities, particularly through the stock connect scheme that links Hong Kong and mainland Chinese stock markets.
The Hong Kong dollar last hit the strong side of its trading band in late 2020. It hit the weak side in 2022 and 2023.
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