The Hong Kong Monetary Authority, the city’s de facto central bank, sold U.S. dollars during New York hours on Wednesday to defend the city’s longstanding currency peg to the greenback.

Asia’s currencies, including Hong Kong’s, are coming under pressure as the U.S. Federal Reserve raises interest rates more aggressively than other central banks in order to contain decades-high inflation. And that is boosting the appeal of U.S. dollar-denominated fixed-income assets.

Hong…