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

Credit: REUTERS/Thomas White

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.

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)

((donny.kwok@thomsonreuters.com; +852 3952 5874; Reuters Messaging: donny.kwok.reuters.com@reuters.net))

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