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HKMA sells HK$3.1 bln in NY hours, currency hits strong end of band

10/09/2020 | 09:38pm EDT

HONG KONG, Oct 10 (Reuters) - The Hong Kong Monetary Authority sold HK$3.1 billion ($400 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$5.115 billion including HK$2.015 billion sold in Hong Kong trading hours, to HK$280.148 billion on Oct. 13, an HKMA spokesman said early on Saturday.

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 Donny Kwok; Editing by Richard Pullin)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CANADIAN DOLLAR / HONGKONG-DOLLAR (CAD/HKD) -0.03% 6.27769 Delayed Quote.3.16%
EURO / HONGKONG-DOLLAR (EUR/HKD) -0.04% 9.02078 Delayed Quote.-4.47%
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