June 24, 2020 / 12:02 AM / 11 days ago

HKMA sells HK$1.14 bln into market as currency hits strong end of trading band

HONG KONG, June 24 (Reuters) - The Hong Kong Monetary Authority sold HK$1.139 billion ($147 million) into the market in New York trading hours after the local 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$127.657 billion ($16.47 billion) on June 26, 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 = 7.7500 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Muralikumar Anantharaman)

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