Demand for the Hong Kong dollar hasn’t been this strong since Ant Group planned the world’s biggest IPO in the city almost five years ago. (Beijing later pulled the deal.) The resulting surge is prompting intervention.

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 said it sold HK$46.54 billion ($6 billion) into the market on Saturday to prevent the local currency from strengthening beyond its official peg to the U.S. dollar, the first such intervention in more than four years.