HKMA intervenes to curb HK dollar strength after capital inflows

The Hong Kong Monetary Authority (HKMA) stepped in to the currency market on Saturday for the first time since December 2009 as capital inflows strengthened the Hong Kong dollar, causing it to hit the top end of its trading range.

The HKMA sold $603 million worth of Hong Kong dollars at the strong-side of the trading range of HK$7.75 to a US dollar in a move that will lift its aggregate balance – the sum of balances on clearing accounts maintained by banks with the authority – to HK$153.3 billion on Oct. 24.

via Business feed http://www.scmp.com/business/economy/article/1065776/hkma-intervenes-curb-hk-dollar-strength-after-capital-inflows