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HKMA sells HK$5.43 bln in NY hours as currency hits strong end of band

10/21/2020 | 07:43pm EST

HONG KONG, Oct 22 (Reuters) - The Hong Kong Monetary Authority sold HK$5.425 billion ($700 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$8.138 billion, including HK$2.713 billion sold in Hong Kong trading hours, to HK$372.855 billion on Oct. 23, an HKMA spokesman said early on Thursday.

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 Kim Coghill)


© Reuters 2020
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