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HKMA sells HK$3.488 bln as currency hits strong end of trading band

HONG KONG, Aug 27 (Reuters) - The Hong Kong Monetary Authority (HKMA) on Thursday sold HK$3.488 billion ($450 million) into the market after the local dollar 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 to HK$191.905 billion on Aug. 31.

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 band. ($1 = 7.7500 Hong Kong dollars) (Reporting by Twinnie Siu and Donny Kwok; Editing by Toby Chopra)

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