HKMA sells HK$3.18 bln in NY hours, currency hits strong end of trading range

Credit: REUTERS/Thomas White

HONG KONG, Oct 29 (Reuters) - The Hong Kong Monetary Authority sold HK$3.178 billion ($410.06 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 - a key gauge of cash in the banking system - will increase by HK$7.828 billion, which includes the HK$4.65 billion sold in Hong Kong trading hours, to HK$457.463 billion on Oct. 30, an HKMA spokesman said early on Thursday.

Hong Kong's aggregate balance will hit an all-time high on Oct. 30 as the world's largest IPO, Chinese fintech giant Ant Group 688688.SS, 6688.HK, attracts cash into the financial hub.

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 Uttaresh.V)

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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