Hong Kong dollar remains weak

The Hong Kong dollar remained under selling pressure on Tuesday as investors pulled out more funds from the city's ailing stock market.
The Hong Kong Monetary Authority (HKMA), the city's de facto central bank, bought HK $780 million from banks on Tuesday afternoon in a bid to keep the currency steady against the US dollar.
The outflow of funds from Hong Kong has increased in recent weeks, triggered by a correction in the local bourse, US interest rates hike fears and moves by China to cool its economy.
Total purchases of Hong Kong dollars by the authority since April 30 have reached about HK $18.072 billion.
The latest move by the HKMA will further reduce the aggregate balance - the sum of balances on clearing accounts maintained by banks with the HKMA - to HK $36.627 billion after the settlement of the outflow on Thursday.