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HKMA buys HK$1.31 bln from market as currency hits weak end of trading band

08/02/2022 | 05:57pm EDT

HONG KONG, Aug 3 (Reuters) - Hong Kong's de-facto central bank bought HK$1.311 billion ($167.01 million) from the market in New York trading hours to stop the local currency weakening and breaking its peg to the U.S. dollar.

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

The aggregate balance, the key gauge of cash in the banking system, will decrease to HK$143.454 billion on Aug. 4, an HKMA spokeswoman said on Wednesday. ($1 = 7.8498 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Chris Reese)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / HONGKONG-DOLLAR (AUD/HKD) -0.67% 5.0172 Delayed Quote.-10.23%
BRITISH POUND / HONGKONG-DOLLAR (GBP/HKD) -0.40% 8.383 Delayed Quote.-19.89%
CANADIAN DOLLAR / HONGKONG-DOLLAR (CAD/HKD) -0.37% 5.69859 Delayed Quote.-7.20%
EURO / HONGKONG-DOLLAR (EUR/HKD) -0.29% 7.51047 Delayed Quote.-14.81%
INDIAN RUPEE / HONGKONG-DOLLAR (INR/HKD) -0.25% 0.095832 Delayed Quote.-8.13%
US DOLLAR / HONGKONG-DOLLAR (USD/HKD) -0.01% 7.8494 Delayed Quote.0.69%
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