⁍ The Hong Kong Monetary Authority sold HK$6.378 billion ($822.97 million) into the market in New York trading hours.

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⁍ The Hong Kong dollar is pegged in a narrow range of 7.75-7.85 to the U.S. dollar.

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⁍ The aggregate balance – the key gauge of cash in the banking system – will increase by HK$31.798 billion including HK$25.420 billion sold in Hong Kong trading hours.

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– The Hong Kong dollar hit the strong end of its trading band against the US dollar on Tuesday, and the Hong Kong Monetary Authority sold $822 million of the local currency into the New York market to keep it in the band, Reuters reports. The aggregate balance—the key gauge of cash in the banking system—is set to hit an all-time high on Oct. 29 as Chinese company Ant Group’s IPO draws cash into the financial hub. (The Hong Kong dollar is pegged in a narrow range of 7.75-7.85 to the US dollar.) The aggregate balance will increase by HK$31.798 billion, including HK$25.420 billion sold in Hong Kong trading hours, to HK$449.636 billion on Oct. 29, an HKMA spokeswoman said early Wednesday. Hong Kong’s aggregate balance will hit an all-time high on Oct. 29 as the world’s largest IPO, Chinese giant Ant Group, attracts cash into the financial hub. The aggregate balance would surpass the previous record of HK$424 billion set in November 2015, according to data from Refinitiv’s Eikon. The Hong Kong dollar is pegged in a narrow range of 7.75-7.85 to the US dollar. The HKMA has been conducting sales in recent sessions to weaken the currency to keep it within that trading band.