Hong Kong Monetary Authority has sold HKD against USD to defend the band – Reuters

In order to keep the USD/HKD peg around 7.7500, the Hong Kong Monetary Authority (HKMA) intervened the forex market during the early Friday morning in Asia, as per Reuters.

The news suggested the HKMA has sold 977 million Hong Kong dollars (HKD) during the latest move.

FX implications

The news offered an uptick to the USD/HKD quote from 7.7502 to 7.7506 before settling around 7.7500 by the press time.