Views Article – Sharenet Wealth

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)


© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.