July 6, 2020 / 9:32 AM / a month ago

HKMA sells HK$5.43 bln as currency hits strong end of trading band

HONG KONG, July 6 (Reuters) - The Hong Kong Monetary Authority sold HK$5.425 billion ($700 million) into the market in Hong Kong 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 to HK$137.042 billion ($17.68 billion) on July 8, an HKMA spokesman said on Monday.

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 Twinnie Siu and Donny Kwok; Editing by Catherine Evans)

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