July 9, 2020 / 9:29 AM / a month ago

HKMA sells HK$13.41 bln into market as currency hits strong end of trading band

HONG KONG, July 9 (Reuters) - The Hong Kong Monetary Authority sold HK$13.408 billion ($1.73 billion) into the market for a fourth consecutive day 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$178.297 billion on July 13.

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 Twinnie Siu and Donny Kwok; Editing by Alex Richardson)

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