April 17, 2018 / 12:05 AM / 7 days ago

HKMA intervenes again as Hong Kong dollar weakens, buys HK$5.77 bln

HONG KONG, April 17 (Reuters) - The Hong Kong Monetary Authority (HKMA) stepped into the currency market again on Tuesday, buying HK$5.77 billion ($735 million) in Hong Kong dollars as the local currency repeatedly hit the lower end of its allowable trading band.

Under the currency peg, the HKMA is obliged to intervene when the Hong Kong dollar hits 7.75 or 7.85 to keep the band intact.

The latest intervention will reduce the aggregate balance - the sum of balances on clearing accounts maintained by banks with the HKMA - to HK$160.74 billion on April 18, according to Reuters data.

$1 = 7.8498 Hong Kong dollars Reporting by Twinnie Siu; Editing by

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