The Hong Kong Monetary Authority (HKMA) reportedly intervened in the foreign exchange markets in the US trading hours as the local currency repeatedly hit the lower end of its allowable trading band.
The HKMA bought Hong Kong dollar (HKD) 2.159 billion as the local dollar hit the weaker end of its trading range at 7.85 per US dollar.
The monetary authority is obliged to intervene when the Hong Kong dollar hits 7.75 or 7.85 to keep the band intact, according to Reuters.
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