HKMA sells HK$3.18 bln in NY hours, currency hits strong end of trading range

HONG KONG, Oct 29 (Reuters) – The Hong Kong Monetary Authority sold HK$3.178 billion ($410.06 million) into the market in New York trading hours after the local currency hit the strong end of its trading band, according to data released by the HKMA.

The aggregate balance – a key gauge of cash in the banking system – will increase by HK$7.828 billion, which includes the HK$4.65 billion sold in Hong Kong trading hours, to HK$457.463 billion on Oct. 30, an HKMA spokesman said early on Thursday.

Hong Kong’s aggregate balance will hit an all-time high on Oct. 30 as the world’s largest IPO, Chinese fintech giant Ant Group , attracts cash into the financial hub.

The Hong Kong dollar is pegged in a narrow range of 7.75-7.85 to the U.S. dollar. The HKMA has been conducting sales in recent sessions to weaken the currency to keep it within that trading band.

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