by Staff Writers
Hong Kong (AFP) Oct 21, 2011
The Hong Kong Monetary Authority has sold $603 million worth of Hong Kong dollars in the foreign exchange market in an effort to curb the currency's rise, a report said.
The move on Saturday came as the US dollar hit HK$7.75, the lower limit of the trading band in which the greenback is allowed to trade against the local currency, Dow Jones Newswires reported.
The Hong Kong dollar is typically allowed to trade in a narrow range between HK$7.75 and HK$7.85.
The HKMA said demand for the local unit was robust due to a weakness in the US dollar and stabilisation of European markets, which triggered capital inflows to Asian currencies and stocks.
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|