Hong Kong stocks hit a 15-month high yesterday, breaching the 22,000 level for the first time in 15 months as investors were cheered by positive data from the US and the mainland.

The Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, stepped into the money market for the 10th time over the past two weeks as hot money continued to flow into the city. The HKMA sold a total of HK$ 5.04 billion in Hong Kong dollars yesterday in the latest move to stabilise the currency.