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Market Open: Hang Seng seen higher on fresh HKMA intervention

PUBLISHED : Wednesday, 28 November, 2012, 7:45am
UPDATED : Wednesday, 28 November, 2012, 10:38am

The Hang Seng index is seen to open higher after the city's central bank was again forced to sell Hong Kong dollars in the money market to prevent the local currency from strenghthening against the US dollar.

The Hong Kong Monetary Authority said on Tuesday it sold HK$3.1 billion after market closed, as the greenback was trading at HK$7.75 against the Hong Kong dollar. The local currency is pegged at HK$7.80 to the US dollar, but is allowed to trade between HK$7.75 and HK$7.85.

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