Hong Kong dollar hits weak-side convertibility trigger; HKMA steps in

The Hong Kong Monetary Authority bought HK$7.065 billion in New York trading hours on Wednesday to defend the currency’s peg after the Hong Kong dollar touched the weak-side convertibility of 7.85 per US dollar.

The city’s aggregate balance will drop to HK$57.091 billion on Thursday, the HKMA said.

The HKMA has stepped in 11 times since late June to buy a total of about HK$116.6 billion, preventing the currency from breaching its 7.75-7.85 trading band against the greenback.

STAFF REPORTER