July 6, 2020 / 11:54 PM / a month ago

HKMA sells HK$1.74 bln into market in New York hours as currency hits strong end of trading band

HONG KONG, July 7 (Reuters) - The Hong Kong Monetary Authority sold HK$1.744 billion ($225.03 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$138.786 billion ($17.91 billion) on July 8, including HK$5.425 billion sold in Hong Kong trading hours, an HKMA spokesman said early on Tuesday.

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 Kim Coghill)

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