"Hong Kong dollar stays strong despite intervention | AboutHK.Com - more information about HK"
| Reuters  The following is a snapshot of the Hong Kong foreign exchange and money market on Wednesday.
Close Morning Previous Close At 0750 GMT AT 0321 GMT At 0757 GMT HK$ SPOT 7.7500/01 7.7500/01 7.7500/01
FORWARDS
Three-month -71/-61 -67/-62 -62/-57
Six-month -130.00/5.00 -121/-113 -130/-100
One-year -193/-177 -193/-178 -192/-176
INTERBANK RATES (PERCENTAGE)
Overnight 0.01/0.51 0.01/0.15 0.01/0.06
One-month 0.01/0.51 0.02/0.12 0.03/0.20
Three-month 0.05/0.34 0.16/0.26 0.18/0.37
Six-month 0.35/0.85 0.45/0.55 0.20/0.74
One-year 0.85/0.95 0.85/0.95 0.78/0.86
More live quotes of forwards and interbank rates, click on .
* The Hong Kong dollar stayed at the top of its trading band
on Wednesday, despite intervention by the HKMA in late afternoon,
as the territory continues to attract fund flows partly due to
robust demand for the IPO of Chinese cement maker BBMG Corp.
* BBMG's IPO has drawn robust response with the retail
portion seen to be more than 500 times oversubscribed aided by
optimism about China.
* HKMA on late Wednesday afternoon injected HK$2.325 nillion
(US$298 million) into the money market to stem an appreciating
Hong Kong dollar and keep it within its trading band. . It injected HK$1.2 billion into the market in
New York trade overnight, adding to HK$3.1 billion it injected
during Hong Kong trade on Tuesday.
* The Hong Kong dollar is pegged at 7.8 to the U.S. dollar
but can trade between 7.75 and 7.85 to the U.S. currency. The
HKMA is usually obliged to intervene when the Hong Kong dollar
hits 7.75 or 7.85 to keep the band intact.
It was quoted at 7.7500/01 after the latest intervention on
Wednesday.
* Hong Kong, with its currency peg to the U.S. dollar, is
still seen as a safe haven by global investors who also favour
the territory's equity and property markets, which are seen
benefitting from a recovery in China's economy, dealers said.
'There are not many choices available if investors want to
park their funds in a market with a stable currency environment.
Hong Kong is among the most popular,' a dealer said.
* Strong fund inflows and comments by U.S. Federal Reserve
Chairman Ben Bernanke, indicating the Fed was in no hurry to
raise U.S. interest rates, pushed interbank rates
down slightly, dealers said.
MARKET/ECONOMIC NEWS
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(Reporting by Donny Kwok, Editing by Jacqueline Wong)
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