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Hong Kong Spends $202 Million to Defend Currency Peg

Hong Kong dipped into its foreign-exchange reserves for the first time in three years to defend its longstanding dollar peg, acting to shore up the local currency against a surging greenback.

The Chinese territory’s de facto central bank, the Hong Kong Monetary Authority, on Thursday said it had sold U.S. dollars to buy 1.586 billion Hong Kong dollars, or the equivalent of about $202 million.