Hong Kong authorities ramped up sales of the local dollar as the greenback’s slide threatened the foreign-exchange peg.

NEW YORK] The Hong Kong dollar’s funding costs plunged the most since 2008, as the monetary authority’s intervention to defend the currency peg helped boost liquidity in the financial system. Read more at The Business Times.

Hong Kong's de-facto central bank stepped into the foreign exchange market on Tuesday as the currency hit the top end of its band for a fourth time this month, spurred by a broader selloff in the U.S.