HKMA buys HK$1.92b from market as currency hits weak side of trading band

HONG KONG'S de-facto central bank bought HK$1.923 billion (S$340 million) from the market in New York trading hours to stop the local currency weakening and breaking its peg to the US dollar.

The Hong Kong dollar is pegged to a tight band of between 7.75 and 7.85 versus the US dollar.

The aggregate balance - the key gauge of cash in the banking system - will decrease to HK$153.579 billion on Aug 2, an HKMA spokesperson said on Saturday (Jul 30). REUTERS