Hong Kong gov't unloads local currency to curb rise

The move on Saturday came as the U.S. 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 U.S. dollar and stabilization of European markets, which triggered capital inflows to Asian currencies and stocks.

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