Hong Kong Near to Buying Local Dollars for First Time Since 2005

The Hong Kong Monetary Authority is on the verge of mopping up local dollars for the first time since a trading band was introduced in May 2005, as the currency slides toward HK$7.85 per greenback.

The local currency was at HK$7.8491 against the dollar as of 3 p.m. in Hong Kong.

The HKMA’s mo…