The Hong Kong Monetary Authority sold Hong Kong dollars to buy US dollars at the exchange rate of 7.75: 1, and the scale of intervention was about 4.673 billion Hong Kong dollars, which was the first intervention in the market since 65438+ in February 2009. Then, the situation turned sharply. At noon and afternoon on the 23rd, HKMA bought USD and sold HK$ twice, amounting to HK$ 3.9 39. 14 billion and HK$ 27./kloc-0.2 billion respectively. On 24th, as the Hong Kong dollar hit the exchange guarantee ceiling of 7.75, HKMA re-entered the market. In the above four trading days, HKMA sold HK$ 654.38+04.4 billion and remained stable.

On June 5438+00 and June 5438+05, Federal Reserve Chairman Ben Bernanke publicly stated that emerging markets should reduce foreign exchange market intervention and allow currencies to appreciate. At the same time, Bernanke also defended that the Fed policy is not the only reason for the influx of capital into emerging economies in recent years. The main reason for the influx of capital into emerging markets is that the growth rate of developing countries is obviously faster than that of developed countries. Coincidentally, five days after Bernanke's speech, Hong Kong rarely began to intervene in the exchange rate. During the period, the two-year forward of the Hong Kong dollar exchange hit its biggest one-day gain since March 22.

Extended data:

Information about the exchange rate of the Hong Kong dollar:

1. After the exchange rate changes, if the foreign exchange depreciates, due to the limited dividend, the supply of goods in the domestic market tends to be tight, and prices tend to rise, which is beneficial to exports and relatively unfavorable to imports.

2. After the exchange rate changes, if the local currency depreciates, exports increase, imports decrease, trade deficit decreases, and surplus increases, it will inevitably increase the amount of money in the country and push up prices when other factors remain unchanged.

3. Impact on national income, employment and resource allocation: the depreciation of local currency will help export restrict imports, and the restricted production resources will shift to export industries and import substitution industries, increasing national income and employment, thus changing the domestic production structure.

Baidu Encyclopedia-HKD