⁍ The Hong Kong Monetary Authority sold HK$388 million ($50.1 million) into the market.
⁍ 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.
– The Hong Kong dollar hit the strong end of its trading band against the US dollar on Monday and the Hong Kong Monetary Authority sold $51 million into the market to keep it in the band, Reuters reports. The aggregate balance—the key gauge of cash in the banking system—is set to rise to HK$206.696 billion ($26.7 billion) on Tuesday. 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.
Source: https://www.reuters.com/article/hongkong-markets/hkma-sells-hk388-mln-in-ny-hours-as-currency-hits-strong-end-of-trading-band-idUSL4N2GC00I