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HKMA buys HK$2.98 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$2.975 billion ($378.99 million) from the market in New York trading hours to stop the local currency from 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. dolla

HONG KONG : Hong Kong's de-facto central bank bought HK$2.

975 billion from the market in New York trading hours to stop the local currency from 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$126.198 billion on Aug. 10, an HKMA spokesperson said on Tuesday.

 

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