The Hong Kong Monetary Authority (HKMA) on Tuesday said it bought HK$60.5 billion against the Hong Kong dollar on Tuesday from the market to stop the local currency from strengthening and breaking its peg to the US dollar.

The Hong Kong dollar is pegged to a 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 by HK$116.6 billion on May 7, a Hong Kong Monetary Authority spokesperson said on Tuesday.

It's the third such intervention in recent days. (Reuters)