HKMA sells HK$2.7b into market after currency hits strong end of trading band

[HONG KONG] The Hong Kong Monetary Authority sold HK$2.713 billion (S$476.2 million) into the market on Tuesday 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$209.413 billion on Sept 17, HKMA said.

The Hong Kong dollar is pegged in a narrow range of HK$7.75-HK$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