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

The Hong Kong Monetary Authority bought HK$3.376 billion in New York trading hours on Thursday 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$53.716 billion on Friday, the HKMA said.

The HKMA has stepped in 12 times since June to buy a total of about HK$119.97 billion, preventing the currency from breaching its 7.75-7.85 trading band against the greenback.

STAFF REPORTER