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Asia, Forex

HKMA sells HK$1.55 bln into market as currency hits strong end of trading band

HONG KONG, Sept 16 (Reuters) – The Hong Kong Monetary Authority sold HK$1.55 billion ($200 million) into the market 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$210.963 billion ($27.22 billion) on September 18, HKMA said on Wednesday.

The Hong Kong dollar is pegged in a narrow range of 7.75-7.85 to the U.S. dollar. The HKMA has been conducting sales in recent sessions to weaken the currency to keep it within that trading band. ($1 = 7.7499 Hong Kong dollars) (Reporting by Meg Shen and Donny Kwok; Editing by Alex Richardson)

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