News Snapshot:
Demand for Hong Kong dollars hasn’t been this strong since before the global financial crisis, when the U.S. Federal Reserve flooded markets with liquidity. Stock sales from Chinese megacaps such as Ant Group’s anticipated offering have drawn so much cash to Hong Kong that the city’s currency has remained near the strongest it’s allowed to trade against the greenback since April. This year’s inflows have forced the de facto central bank to sell local dollars, interventions that will have helped replenish the cash pool by about HK$280 billion (US$36 billion) by Wednesday. The record annual increase is more than 2008...
