HKMA buys HK$9.58 billion from market as local currency hits weak end of trading range

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HONG KONG : Hong Kong's de-facto central bank bought HK$9.577 billion ($1.22 billion) from the market on Tuesday to stop the local currency weakening and breaking its peg to the U.S. dollar, a HKMA spokesman said.The Hong Kong dollar is pegged in a tight band of between 7.75 and 7.85 to the U.S. dollar.