Hong Kong Monetary Authority buys HK$12.819 billion ($1.63 billion) from the market during trading hours in New York to stop the currency from breaking its peg to US dollar

Hong Kong Exchanges and Clearing Ltd (HKEX) is weighing opening global offices to woo companies and investors in Europe and North America

Hong Kong's monetary policy moves in lockstep with the US as the city's currency is pegged to the greenback in a tight range of HK$7.75-7.85 per dollar

HKMA's chief said the Hong Kong dollar market has already seen capital flight after the US Federal Reserve raised interest rates and the trend will continue

The central bank has made three interventions in two days, spending HK$8.533 billion (US$1.08 billion) in total to defend the local currency, which is weakening because of capital outflows

The Hong Kong Monetary Authority bought almost HK$1.6 billion ($202 million) of the territory's currency after it fell to its lower limit of HK$7.85 in New York trading hours

Gross domestic product contracted by 4% in the first quarter. In its most recent forecast in February, the city’s government forecast growth for 2022 of 2%-3.5%

The review will focus on intermediaries' policies, procedures, systems and controls, as well as oversight of the distribution of popular products

The collaboration will enable R3 to offer its distributed ledger platform and confidential computing platforms to Hong Kong fintech start-ups