June 11, 2020 / 12:06 AM / a month ago

UPDATE 1-HKMA sells HK$3.72 bln as currency hits strong end of trading band

(Updates throughout with detail on HKMA sales)

HONG KONG, June 11 (Reuters) - The Hong Kong Monetary Authority (HKMA) sold HK$3.72 billion ($480 million) into the market as the Hong Kong dollar strengthened to its pegged trading limit against the U.S. dollar.

The de facto central bank sold HK$1.511 billion ($194.97 million) during New York trading hours after selling HK$2.209 billion ($285.03 million) during Asian trading, according to its data.

The aggregate balance - the key gauge of cash in the banking system - will increase to HK$122.127 billion ($15.76 billion) on June 12, an HKMA spokesman said early on Thursday.

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.

It was trading at 7.7499/7.7502 on Thursday morning, still touching the strong end of the band.

$1 = 7.7500 Hong Kong dollars Reporting by Twinnie Siu and Donny Kwok; Editing by Jane Wardell

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