off-the-wire

HKMA buys HK$3.8 bln from market as currency hits weak end of trading band

Kitco Media
By Reuters
Published:
Updated:
Reuters
HONG KONG, April 11 (Reuters) - Hong Kong's de-facto central bank bought HK$3.807 billion ($484.98 million) from the market to stop the local currency weakening and breaking its peg to the U.S. dollar.


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


The aggregate balance, the key gauge of cash in the banking system, will decrease to HK$66.25 billion on April 12, an HKMA spokesperson said on Tuesday morning.
($1 = 7.8498 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Chris Reese)

Messaging: donny.kwok.reuters.com@reuters.net))
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