Hong Kong authorities further intervened in the market, stepping up purchases of US dollars to defend the foreign exchange peg after the city’s currency again tested the upper end of its trading band.

NEW YORK] The Hong Kong dollar’s funding costs plunged the most since 2008, as the monetary authority’s intervention to defend the currency peg helped boost liquidity in the financial system. Read more at The Business Times.

Hong Kong's de-facto central bank stepped into the foreign exchange market on Tuesday as the currency hit the top end of its band for a fourth time this month, spurred by a broader selloff in the U.S.