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.

Demand for the Hong Kong dollar hasn’t been this strong since Ant Group planned the world’s biggest IPO in the city almost five years ago. (Beijing later pulled the deal.) The resulting surge is prompting intervention.

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.