HONG KONG, May 3 (Xinhua) -- The Hong Kong Monetary Authority (HKMA) sold 46.539 billion Hong Kong dollars to the market in exchange for U.S. dollars on Saturday as the strong-side Convertibility Undertaking (CU) of 7.75 Hong Kong dollars to 1 U.S. dollar was triggered.
The Aggregate Balance, the sum of balances of banks' clearing accounts kept with the HKMA, will rise to 91.309 billion Hong Kong dollars on May 7, according to the HKMA.
The HKMA said that the Hong Kong dollar has strengthened on the recent surge of investment-related demand. The gains of several Asian currencies against the greenback on Friday have also bolstered the Hong Kong dollar.
This was the first triggering of the strong-side CU since October 2020. ■
