Hong Kong sells a record amount of the currencies to defend the exchange rate

Hong Kong authorities said they continued to buy the US dollar in an effort to defend the exchange rate. The Hong Kong Monetary Authority spent a record $ 60.5 billion, Hong Kong, to buy the US currency, according to a warning published in Asia on Tuesday, after the Hong Kong Dollar tested the highest range of its circulation. This process is added to $ 56.1 billion, Hong Kong, who has spent the government buying the dollar since Friday. Asian movements at the same time amid the weakness of the US dollar, these repeated interventions come at a time in which Asian currencies score profits amid the fall in the US dollar, and indications that the US administration is about to conclude commercial and customs agreements with major partners. The Hong Conge dollar rose 0.4% during this quarter and reached the maximum extent of its circulation, ranging between 7.75 and 7.85 against the US dollar on Monday. The last high wave in the currencies of the Asian economies based on trade expressed concern with policy makers in the central banks. Although the strength of the currency can help attract foreign flow and make imports cheaper, they can harm exporters by making their products at the global level less competitive. Late Monday night, Central Bank officials in Taiwan said they would interfere in the foreign exchange market if stability was at risk. These statements came after the local dollar saw its biggest leap in nearly four decades.