HKMA sells HK$25.4b as currency hits strong end of trading band

[HONG KONG] The Hong Kong Monetary Authority sold HK$25.42 billion (S$4.45 billion) into the market in Hong Kong trading hours after the local currency hit the strong end of its trading band, according to data released by the HKMA.

The aggregate balance - the key gauge of cash in the banking system - will increase to HK$443.257 billion on Oct 29, HKMA said on Tuesday.

The Hong Kong dollar is pegged in a narrow range of 7.75-7.85 to the US dollar. The HKMA has been conducting sales in recent sessions to weaken the currency to keep it within that trading band.

REUTERS