HONG KONG - The Hong Kong Monetary Authority sold HK$3.309 billion (US$427 million) into the market in New York trading hours after the local currency hit the strong end of its trading band, according to data released by the HKMA.

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The aggregate balance - the key gauge of cash in the banking system - will increase by HK$8.734 billion, including HK$5.425 billion sold in Hong Kong trading hours, to HK$224.652 billion on Sept 22, an HKMA spokesman said early on Saturday.

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

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