HKMA defends US$ peg again

The Hong Kong Monetary Authority, or HKMA, stepped into the currency market on Tuesday, selling HK$3.1 billion ($400 million) in Hong Kong dollars as the local currency repeatedly hit the strong end of its trading range.

According to Reuters data, the latest intervention will lift the aggregate balance - the sum of balances on clearing accounts maintained by banks with the HKMA - to HK$183.955 billion on Nov 29.

Before this intervention, the HKMA has injected a total of $4.16 billion worth of Hong Kong dollars into the market.