HK stocks open lower as Hong Kong dollar weakens
HK stocks open lower as Hong Kong dollar weakens
The Hong Kong dollar hit the weak side of the band for the first time in two years on Friday. Photo: RTHK
Hong Kong's Hang Seng Index fell 129.38 points, or 0.53 percent, to open at 24,345.29 on Thursday
The Hong Kong Monetary Authority (HKMA) said on Thursday it sold US$1.2 billion against the Hong Kong dollar, which hit the weak end of its trading band.
The SAR's currency is pegged in a narrow range of 7.75-7.85 to the greenback, and the HKMA intervenes at both ends to underpin the peg.
The HKMA's intervention comes after the Hong Kong dollar hit the weak side of the band for the first time in two years on Friday.
The aggregate balance, the key gauge of cash in the banking system, will shrink by HK$9.42 billion on Friday, the HKMA said in a statement. (Reuters/Xinhua)
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