Intellasia East Asia News – HKMA buys HK$9.255 billion from market as currency hits weak end of trading band

Hong Kong’s de-facto central bank bought HK$9.255 billion ($1.18 billion) from the market in New York trading hours to stop the local currency weakening and breaking its peg to the US dollar.

The Hong Kong dollar is pegged to a tight band of between 7.75 and 7.85 versus the US dollar.

The aggregate balancethe key gauge of cash in the banking systemwill decrease to HK$306.337 billion on June 16, an HKMA spokeswoman said on Wednesday.

($1 = 7.8499 Hong Kong dollars)

https://www.reuters.com/markets/currencies/hkma-buys-hk9255 billion-market-currency-hits-weak-end-trading-band-2022-06-15/

 

Category: Hong Kong


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