$2.7b peg move as US dollar tumbles
(03-23 09:26)
The Hong Kong Monetary Authority said it injected HK$2.713 billion into its currency market in New York as the Hong Kong dollar hit the top end of its trading range.
Data shows that the latest intervention late on Friday will lift the aggregate balance, the sum of balances on clearing accounts maintained by banks with the HKMA, to HK$125.304 billion by tomorrow.
The Hong Kong dollar has been boosted as the greenback tumbled in reaction to the Federal Reserve's decision to buy US government debt in a bid to rescue the economy.
Some dealers said the local currency was also boosted by demand ahead of the settlement of HSBC's rights issue early next month.
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