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HKMA buys HK$1.92 billion from market as currency hits weak side of trading band

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HONG KONG : Hong Kong's de-facto central bank bought HK$1.923 billion ($245 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$1.

923 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$153.579 billion on Aug 2, an HKMA spokeswoman said on Saturday.

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