Friday November 20, 06:18 AM
Hong Kong dollar steady despite weak stocks
HONG KONG, Nov 20 (Reuters) - The following is a snapshot of
the Hong Kong foreign exchange and money market on Friday.
Latest Previous Day
At 0540 GMT At 0530
GMT
HK$ SPOT 7.7500/01 7.7500/01
FORWARDS
Three-month -53/-49 -51/-48
Six (Stockholm: ECOVB.ST - news) -month -109/-101 -107/-102
One-year -237/-227 -234/-228
INTERBANK RATES (PERCENTAGE)
Overnight 0.005/0.05 0.005/0.05
One-month 0.02/0.07 0.04/0.07
Three-month 0.08/0.12 0.08/0.13
Six-month 0.25/0.31 0.30/0.33
One-year 0.50/0.58 0.50/0.60
For more live quotes of forwards and interbank rates, click
on.
* The Hong Kong dollar held steady at the top end of its
trading band against the U.S. dollar on Friday, despite a recent
correction in the domestic stock market.
* Hong Kong stocks fell for a fourth straight session on
Friday, with the benchmark Hang Seng Index shedding 0.54
percent and the China Enterprise Index of top locally
listed Chinese companies down 0.76 percent at the midday break.
* Dealers said they had not yet seen a significant outflow of
funds from the city.
A trader at a local bank said investors were likely to keep
their funds in Hong Kong, given low interest rates around the
world and optimism over China's economic growth.
* Hong Kong has attracted record fund inflows of more than
$70 billion since October last year.
Hong Kong Monetary Authority (HKMA) chief Norman Chan
warned that rapid inflows, raising the risk of asset bubbles.
* The Hong Kong dollar is pegged at 7.80 to the U.S. dollar
but can trade between 7.75 and 7.85. The Hong Kong Monetary
Authority (HKMA) is usually obliged to intervene when the local
currency hits 7.75 or 7.85.
* Local interbank rates continued to decline because of
abundant liquidity in the banking system following frequent
interventions by the HKMA to defend the currency peg amid capital
inflows.
Three-month Hibor was fixed at 0.12036 percent,
its lowest level since February, 2004, and was down 3 basis
points this week.
The aggregate balance -- the sum of balances on clearing
accounts maintained by banks with the HKMA -- stood at more than
HK$300 billion on Friday.
* The Hong Kong government will release consumer price index
(CPI (NYSE: CPY - news) ) data for October at 0830 GMT.
MARKET/ECONOMIC NEWS
> Stock market reports and updates:
> Yuan reports and updates:
> U.S. dollar reports and updates:
> Emerging Asia forex reports and updates:
(Reporting by Christina Lo; Editing by Chris Lewis)
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