Norman Chan is head of the Hong Kong Monetary Authority (HKMA)
Confirms the band will be defended
- HKMA says it will continue to buy HKD at 7.85 when the weak-side convertibility undertaking is triggered to ensure HKD exchange rate stability
- says it stands ready to calibrate the issuance of exchange fund bills, which amount to HK$1 trln in total, to release liquidity in order to deal with possible sharp outflow from HKD
- Says Hong Kong banking system has adequate liquidity to cope with outflow of funds
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