BEIJING (July 21): Demand for the Hong Kong dollar is swelling before a mega Chinese share sale in the city, ending the currency’s brief period of weakness. The city’s currency strengthened to as high as 7.7509 per greenback this morning, back near the strong end of its trading band at 7.75. The local dollar traded at 7.7515 as of 5.25pm Hong Kong time. Demand for the currency was boosted by a report that billionaire Jack Ma’s Ant Group is seeking a dual listing in Hong Kong and Shanghai that promises to be one of the largest debuts in years. The intervention pushed interest rates on the city’s currency lower, narrowing the premium over the greenback’s rates.

Source: The Local July 21, 2020 10:18 UTC