China's national security law for Hong Kong and moves by the United States to begin withdrawing privileges enjoyed by the city under U.S. law have unsettled investors.
The HKMA has sold HKUS$106 billion so far this year to keep a strengthening Hong Kong dollar within this range, according to Reuters' calculations. Analysts say the White House cannot hurt the peg in Hong Kong, one of the world's largest U.S. dollar trading centers, without also hampering the greenback's hegemony as a global currency. Some call it a"nuclear option".
Hong Kong's economy has shrunk in its importance relative to the mainland since the territory's 1997 handover to China but its financial significance has grown. Any real threat to the peg risks undermining that.
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