Hong Kong c.bank sells HK$8.758 bln after HKD rises to trading limit

(Reuters) – The Hong Kong Monetary Authority (HKMA) sold HK$8.758 billion ($1.13 billion) worth of Hong Kong dollars on Friday after the currency hit the strong end of its trading band against the U.S. dollar.

The de facto central bank sold HK$4.883 billion during New York trading hours after selling HK$3.875 billion during Asia trading, according to data released by the HKMA.

The aggregate balance – the key gauge of cash in the banking system – will increase to HK$104.525 billion on Tuesday, an HKMA spokesman said.

The Hong Kong dollar is pegged at 7.75 to 7.85 to the U.S. dollar and has at times traded closer to the stronger end of the limit in recent weeks despite rising political uncertainty. ($1 = 7.7499 Hong Kong dollars)

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