HKMA buys over HK$6.4bn in New York trading
The Hong Kong Monetary Authority bought HK$6.413 billion (US$816.96 million) from the market in New York trading hours to stop the currency weakening. The Hong Kong dollar is pegged to a tight band of between 7.75 and 7.85 versus the US dollar. The aggregate balance - the key gauge of cash in the banking system - will decrease to HK$204.865 billion on July 19, an HKMA spokesman said on Saturday. (Reuters)