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Markets

Ant Group IPO draws record influx of cash into Hong Kong

Surging inflows force authorities to intervene in market to guard US dollar peg

HONG KONG -- Cash in Hong Kong's banking system is expected to reach record levels this week, driven by massive inflows from global investors eager for a slice of Ant Group's $34.5 billion initial public offering, the world's largest.

The surge in liquidity has forced the Hong Kong Monetary Authority to intervene in the market more than 20 times this month, injecting more than 200 billion Hong Kong dollars ($25.8 billion) into the banking system to weaken the local currency and keep it inside its trading band with the U.S. dollar.

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