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HKMA sells HK$2.96 bln in NY hours, currency hits strong end of band

10/22/2020 | 07:55pm EST

HONG KONG, Oct 23 (Reuters) - The Hong Kong Monetary Authority sold HK$2.96 billion ($381.94 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$14.973 billion, including HK$12.013 billion sold in Hong Kong trading hours, to HK$387.828 billion on Oct. 27, an HKMA spokesman said early on Friday.

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 = 7.7500 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Jacqueline Wong)


© Reuters 2020
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