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The Hong Kong dollar held close to the upper end of its trading band against the US dollar on Wednesday, with signs of continuous funds flowing into the territory. "Yesterday's inflow of funds was probably due to the IPOs. I think there will still be sporadic fund inflows but not massive ones because the subscription for the biggest IPOs are closing today," said a dealer at a local bank.
Applications for the retail share offerings of Sinopharm Group Co Ltd and Metallurgical Corp of China closed at noon on Wednesday, with trading debuts scheduled for September 23 and September 24, respectively. The Hong Kong Monetary Authority (HKMA) intervened in the foreign exchange market and sold HK$1.55 billion (US $200 million) for US dollar during New York trading hours on Tuesday to stem a rise in the local currency and kept it within official trading limits.
The intervention will lift the aggregate balance - the sum of balances on clearing accounts maintained by banks with the HKMA - to HK$188.225 billion by September 17. Dealers said the local currency was also boosted by a rally in the stock market as the US currency weakened on global markets.
The Hong Kong dollar is pegged at 7.80 to the US dollar but can trade between 7.75 and 7.85. The Hong Kong Monetary Authority (HKMA) is usually obliged to intervene when the Hong Kong dollar hits 7.75 or 7.85. In the interbank market, short-dated rates nudged higher as, some funds were tied up by recent IPOs. Overnight Hibor was fixed at 0.18286 percent, its highest level since July 24.

Copyright Reuters, 2009

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