HKMA buys HK$5.9 billion from market as currency hits weak end of trading band

HONG KONG : Hong Kong's de-facto central bank bought HK$5.888 billion ($750 million) from the market 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$319.999 billion on May 18, an HKMA spokesman said on Monday.

($1 = 7.8499 Hong Kong dollars)