off-the-wire

HKMA buys HK$4.7 bln from market as currency hits weak end of trading band

Kitco Media
By Reuters
Published:
Updated:
Reuters
HONG KONG, May 4 (Reuters) - Hong Kong's de-facto central bank bought HK$4.671 billion ($595.12 million) from the market in New York trading hours 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$44.527 billion on May 5, an HKMA spokesperson said on Thursday. ($1 = 7.8489 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Leslie Adler)

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