Skip to main content
Best News Website or Mobile Service
 
WAN-IFRA Digital Media Awards Worldwide
Best News Website or Mobile Service
 
Digital Media Awards Worldwide
Hamburger Menu

Advertisement

Advertisement

Business

HKMA buys HK$2.355 billion from market to stop currency weakening

HKMA buys HK$2.355 billion from market to stop currency weakening

FILE PHOTO: A Hong Kong dollar note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo

HONG KONG : Hong Kong's de facto central bank bought HK$2.355 billion ($300.00 million) from the market on Monday 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$120.894 billion on Oct. 6, an HKMA spokeswoman said.

($1 = 7.8499 Hong Kong dollars)

Source: Reuters
Categories

Advertisement

Also worth reading

Advertisement