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2 years ago
HKMA sells HK$9.3 bln in second intervention
September 1, 2015 / 10:32 AM / 2 years ago

HKMA sells HK$9.3 bln in second intervention

HONG KONG, Sept 1 (Reuters) - The Hong Kong Monetary Authority (HKMA) stepped into the currency market for a second time on Tuesday, selling HK$9.3 billion ($1.20 billion) in Hong Kong dollars as the currency repeatedly hit the strong end of its trading range.

Earlier in the day, the HKMA sold HK$6.2 billion into the market at 0719 GMT. The latest move brought the total intervention for the day to HK$15.5 billion as of 1010 GMT.

According to the HKMA, the latest intervention will lift the aggregate balance - the sum of balances on clearing accounts maintained by banks with the authority - to HK$306.168 billion on Sept. 4, when the injected funds will be settled.

The Hong Kong dollar is pegged at 7.8 to the U.S. dollar, but can trade between 7.75 and 7.85. Under the currency peg, the HKMA is obliged to intervene when the Hong Kong dollar hits 7.75 or 7.85, to keep the band intact. ($1=7.7495 Hong Kong dollars) (Reporting by Christina Lo and Twinnie Siu; Editing by XXX)

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