The Hong Kong Monetary Authority (HKMA) bought HKD for the first time since 2023 as the currency dropped toward the weak end of its trading band, according to Citi's research report. The HKMA withdrew liquidity in May, but now the 1-month HIBOR has risen back to 1.05% on July 7.Since the USD remained close to the upper limit of the range against the HKD, with stronger US non-farm payrolls data and a lower likelihood of a rate cut in the US in July, it is likely that the HKMA will continue to withdraw HKD liquidity, leading to short-term pressure on HIBOR.Related NewsJPM Recommends Adding SWIREPROPERTIES, LINK REIT; Developers May See ST Profit TakingSeeing that China's interest rate compression cycle is leading to lower required returns, Citi expects investors to remain focused on high-yield stocks. The broker's top picks were Hongkong Land, LINK REIT (00823.HK) -0.150 (-0.354%) Short selling $33.00M; Ratio 10.526% , SHK PPT (00016.HK) -2.550 (-2.754%) Short selling $160.29M; Ratio 44.856% , and HENDERSON LAND (00012.HK) -2.350 (-8.289%) Short selling $54.18M; Ratio 43.918% , all rated Buy with target prices of HKD47.25, HKD88.8, and HKD25.6, respectively.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-08 16:25.)