HONG KONG/SHANGHAI :Hong Kong’s de facto central bank said on Thursday it sold 1.2 billion U.S. dollar against the Hong Kong dollar, which hit the weak end of its trading band.
The city’s currency is pegged in a narrow range of 7.75-7.85 to the U.S. dollar, and the Hong Kong Monetary Authority (HKMA) intervenes at both ends to underpin the peg.
The aggregate balance, the key gauge of cash in the banking system, will shrink by HK$9.42 billion on Friday, HKMA said in a statement.
