Hong Kong Financial Secretary John Tsang says hot money will continue to hit Hong Kong for some time. (File photo/Xinhua)
The Hong Kong Monetary Authority intervened in the currency market for the third consecutive days and for the seventh time since Oct. 19, our sister paper Want Daily reported on Nov. 2.
The authority sold a total of HK$2.3 billion (US$297 million) of currency to maintain the exchange rate on Nov. 1. The authority has sold HKT$22 billion (US$2.8 billion) during the past two weeks.
In addition to the Hong Kong dollar, the renminbi and the Taiwan dollar also appreciated against the US dollar on Friday.
John Tsang, Hong Kong's financial secretary, said hot money will continue to flood Hong Kong's market for some time to come.
The Chinese-language Shanghai Securities News reported that a great volume of hot money has entered mainland China as well.
Financial expert Li Youhuan said speculative capital has begun to enter China since the end of September.
"The phenomenon will continue and last until the end of this year, I believe," Li said. "The Hong Kong government's recent move to strike against real estate investors would also encourage the hot money to enter China."
John Tsang 曾俊華
Li Youhuan 黎友煥