The Hong Kong Monetary Authority says it sold over HK$46 billion from the market to stop the local currency strengthening and breaking its peg to the US dollar.

The Hong Kong dollar is pegged to a tight band of between 7.75 and 7.85 versus the US dollar.

The aggregate balance, the key gauge of cash in the banking system, will increase to HK$91.31 billion on May 7, an HKMA spokeswoman said on Saturday. (Reuters)