June 16, 2020 / 11:50 PM / a month ago

HKMA sells $288 mln in Hong Kong dollars as currency hits strong end of trading band

HONG KONG, June 17 (Reuters) - The Hong Kong Monetary Authority sold HK$2.232 billion ($288 million) worth of Hong Kong dollars during New York trading hours after the currency hit the strong end of its trading band, according to data released by the HKMA.

The aggregate balance - the key gauge of cash in the banking system - will increase to HK$125.758 billion ($16.23 billion) on June 18, an HKMA spokesman said early on Wednesday.

The Hong Kong dollar is pegged in a narrow range of 7.75-7.85 to the U.S. dollar. The HKMA has been conducting sales in recent sessions to weaken the currency to keep it within that trading band. ($1 = 7.7499 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Himani Sarkar)

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