HKMA buys HK$9.255 billion from market as currency hits weak end of
© Reuters. FILE PHOTO: A Hong Kong dollar note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo
HONG KONG (Reuters) – Hong Kong’s de-facto central bank bought HK$9.255 billion ($1.18 billion) 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$306.337 billion on June 16, an HKMA spokeswoman said on Wednesday.
($1 = 7.8499 Hong Kong dollars)
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