HKMA sells $8.14b into market as currency hits strong end of trading band: report

The aggregate balance will increase to $146.93b ($18.96b) on 9 July.

The Hong Kong Monetary Authority (HKMA) sold $8.14b (US$1.05b) into the market after the local currency hit the strong end of its trading band, Reuters reports.

The aggregate balance—the key gauge of cash in the banking system—will increase to $146.93b ($18.96b) on 9 July.

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.