Hong Kong intervenes again to weaken currency
2012-10-24 11:53:58
The Hong Kong Monetary Authority sold Hong Kong dollar to contain the appreciation of its currency.
The de facto central bank on Tuesday sold $855 million worth of Hong Kong dollar in two separate interventions. The first sale was worth $505 million and the second action for $395 million.
The Hong Kong dollar is pegged at HK$7.80 to the U.S. dollar but can be traded between HK$7.75 and HK$7.85. The central bank intervenes when the currency reaches the strong end of the trading range.
The bank had earlier on Saturday sold $603 million Hong Kong dollars to curb strengthening of its currency.