HKMA buys HK$5.22 billion from market to defend peg

Published: 15:26, June 21, 2022 | Updated: 15:26, June 21, 2022

By Reuters

This undated photo shows the building of the Hong Kong Monetary Authority. (PHOTO / IC)

HONG KONG - The Hong Kong Monetary Authority bought HK$5.22 billion ($664.99 million) from the market in New York trading hours to stop the local currency weakening and breaking its peg to the US dollar.

The Hong Kong dollar is pegged to a tight band of between 7.75 and 7.85 versus the US dollar.

The aggregate balance - the key gauge of cash in the banking system - will decrease to HK$262.699 billion on June 22, an HKMA spokesperson said on Tuesday.

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