HKMA says it has the ability to defend USD/HKD peg

According to the Hong Kong Monetary Authority (HKMA), they are equipped with the tools necessary to continue defending the USD/HKD peg after the HKMA intervened in global markets several hours ago, marking the first time since this May that the authority had to visibly step into exchange markets.

Key highlights

HKMA: Hong Kong has the ability, capacity to cope with market volatility.

Capital outflows represent a challenge, but the HKMA is able to cope as well.

Will take further action if and when necessary.

Hong Kong stocks are also taking a hit thanks to declines in tech indexes, but the HKMA is dedicated to preserving stable rates.