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Representative Photo. Credit: Reuters
The Hong Kong Monetary Authority (HKMA) sold HK$2.875 billion ($371 million) into the market in New York 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 by HK$15.275 billion, including HK$12.4 billion sold in Hong Kong trading hours, to HK$266.432 billion on October 6, an HKMA spokesman said early on Thursday.
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.
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