April 27, 2015 / 12:21 AM / 4 years ago

HKMA sells HK$14.88 bln to keep Hong Kong dollar in trading band

HONG KONG, April 27 (Reuters) - The Hong Kong Monetary Authority (HKMA) intervened in the currency market again late on Friday, selling a total HK$14.88 billion ($1.92 billion) in Hong Kong dollars as the local currency hit the strong end of its trading range.

The city’s de-facto central bank, which has intervened multiple times in the market in the past fortnight, had sold HK$13.18 billion ($1.70 billion) earlier that day.

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 to keep the currency within its band.

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$310.68 billion on April 28.

$1 = 7.7495 Hong Kong dollars Reporting by Michelle Chen and Donny Kwok; Editing by Anne Marie Roantree

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