June 24, 2020 / 9:37 AM / 14 days ago

HKMA sells HK$3.95 bln into market as Hong Kong dollar hits strong end of trading range

HONG KONG, June 24 (Reuters) - The Hong Kong Monetary Authority sold HK$3.953 billion ($510.06 million) into the market during Asia trading hours on Wednesday after the currency hit the strong end of its trading band, according to data released by the HKMA.

The aggregate balance - the key gauge of cash in the banking system - will increase to HK$131.609 billion on June 29, an HKMA spokesman said.

The Hong Kong dollar is pegged in a narrow range of 7.75-7.85 to the U.S. dollar. The HKMA has been conducting sales in recent sessions to weaken the currency to keep it within that trading band.

$1 = 7.7500 Hong Kong dollars Reporting by Twinnie Siu and Donny Kwok; Editing by

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