The Hong Kong Monetary Authority (HKMA) intervened to buy the US dollar again late yesterday, bringing the Hong Kong dollar back to the level at which it is pegged to the greenback. The de facto central bank spent HK$776 million to weaken the Hong Kong dollar, which touched an intraday low of HK$7.7549 to the greenback yesterday. Altogether, the HKMA has bought US$600 million worth of US dollars this week. 'This indicates the HKMA is keen to move the spot rate back to the $7.80 level,' said Pieter van der Schaft of Barclays Capital. The one-year Hong Kong dollar forward discount widened to 340-360 pips yesterday from 300-315 pips on Thursday, meaning the local currency is expected to strengthen to $7.723 in a year.