HKMA buys $14.8b, bank system balance to drop below $100b

The Hong Kong Monetary Authority intervened in the currency market again during the New York trading session overnight, buying HK$14.829 billion to defend the Hong Kong dollar's currency peg to the greenback.

The city's banking system aggregate balance will decrease to HK$86.429 billion on Thursday – falling below the symbolic HK$100 billion threshold.

The city's currency is pegged in a narrow band of 7.75 to 7.85 per US dollar. The Hong Kong Monetary Authority intervenes at both ends to maintain the peg.

STAFF REPORTER