Hong Kong Monetary Authority Intervenes To Weaken Its Dollar

The Hong Kong Monetary Authority recently bought $400 million in the foreign-exchange market to weaken its own currency, the Hong Kong dollar, Dow Jones Newswires reported Thursday. The central bank acted to weaken the Hong Kong dollar, which had strengthened in recent days, nearing the outer edges of an exchange-rate trading band against the dollar that the central bank seeks to maintain. The Hong Kong dollar recently traded at 7.75 to one U.S. dollar, about even with Wednesday's exchange rate.