You are here

Hong Kong central bank sells HK$8.758b after currency rises to trading limit

[HONG KONG] The Hong Kong Monetary Authority (HKMA) sold HK$8.758 billion ($1.13 billion) worth of Hong Kong dollars on Friday after the currency hit the strong end of its trading band against the US dollar.

The de facto central bank sold HK$4.883 billion during New York trading hours after selling HK$3.875 billion during Asia trading, according to data released by the HKMA

The aggregate balance - the key gauge of cash in the banking system - will increase to HK$104.525 billion on Tuesday, an HKMA spokesperson said.

The Hong Kong dollar is pegged at 7.75 to 7.85 to the US dollar and has at times traded closer to the stronger end of the limit in recent weeks despite rising political uncertainty.

REUTERS

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes