HKMA buys HK$1.92 billion from market as currency hits weak side of trading band

HONG KONG : Hong Kong's de-facto central bank bought HK$1.923 billion ($245 million) 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$153.579 billion on Aug 2, an HKMA spokeswoman said on Saturday.

($1 = 7.8497 Hong Kong dollars)