HONG KONG Nov 30 The Hong Kong Monetary
Authority (HKMA) stepped into the currency market in New York
trading hours on Thursday, selling HK$3.045 billion ($393
million) in Hong Kong dollars as the local currency
repeatedly hit the strong end of its official trading range.
According to Reuters data, the latest intervention
will lift the aggregate balance - the sum of balances on
clearing accounts maintained by banks with the HKMA - to
HK$192.838 billion on Dec. 3.
The Hong Kong dollar is pegged at 7.8 to the U.S. dollar but
can trade between 7.75 and 7.85 to the U.S. dollar. Under the
currency peg, the HKMA is obliged to intervene when the Hong
Kong dollar hits 7.75 or 7.85 to keep the band intact.
($1 = 7.7500 Hong Kong dollars)
(Reporting by Twinnie Siu; Editing by Eric Meijer)