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HKMA buys HK$4.7 billion from market as currency hits weak end of trading band

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HONG KONG : Hong Kong's de-facto central bank bought HK$4.671 billion ($595.12 million) 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.

HONG KONG : Hong Kong's de-facto central bank bought HK$4.

671 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 aggregate balance - the key gauge of cash in the banking system - will decrease to HK$44.527 billion on May 5, an HKMA spokesperson said on Thursday.

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