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HKMA sells HK$2.26 bln in NY hours, currency hits strong end of band

10/23/2020 | 11:07pm EST

HONG KONG, Oct 24 (Reuters) - The Hong Kong Monetary Authority sold HK$2.263 billion ($292 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$26.908 billion, including HK$24.645 billion sold in Hong Kong trading hours, to HK$414.73 billion on Oct. 28, an HKMA spokeswoman 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 its currency to keep it within that trading band.

($1 = 7.7500 Hong Kong dollars) (Reporting by Donny Kwok; Editing by xxx)

© Reuters 2020
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