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Story summary
- In August 1998, the Hong Kong Monetary Authority (HKMA) faced a currency crisis.
- Speculators targeted the Hong Kong dollar, betting on a stock market crash.
- The HKMA decided to intervene by enlisting stockbrokers to buy stocks on its behalf.
- Over ten days, the HKMA spent HK$79 billion (US$10.1 billion) countering speculators.
- The total intervention reached HK$118 billion, establishing the Exchange Fund's reputation as a powerful financial entity in Hong Kong.
