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HKMA buys HK$12.8 billion from market as currency hits weak end of trading band

HKMA buys HK$12.8 billion from market as currency hits weak end of trading band

FILE PHOTO: Hong Kong 100 dollar banknotes are displayed during an exhibition at HSBC headquarters in Hong Kong, China January 20, 2016. REUTERS/Bobby Yip

HONG KONG : Hong Kong's de-facto central bank bought HK$12.819 billion ($1.63 billion) 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$267.922 billion on Tuesday, an HKMA spokesman said on Saturday.

($1 = 7.8494 Hong Kong dollars)

Source: Reuters

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