Hong Kong authorities intervened in the currency market for the sixth time in about three weeks, aiming to defend the Hong Kong dollar from breaching the weak end of its trading band.

The Hong Kong Monetary Authority (HKMA), the city's de facto central bank, purchased about HK$14.83 billion to maintain the local currency's peg to the US dollar.

The move will reduce the aggregate balance, a measure of liquidity in the banking system, by the same amount to HK$86.43 billion on Thursday, when the funds are settled, according to the HKMA's forecast.

Since June 25, the HKMA has purchased HK$87.18 billion of the local currency across six interventions, according to calculations of official data by MT Newswires.

HKMA Chief Executive Eddie Yue earlier warned that persistent outflows could continue to pressure the Hong Kong dollar, citing weaker demand linked to dividend payouts, IPO repatriation, and the completion of half-year funding.

He added that interbank rates may rise as the aggregate balance declines.

Hong Kong adopted its US dollar peg in 1983, initially at HK$7.80. In 2005, the HKMA introduced a narrow trading band of HK$7.75 to HK$7.85, requiring intervention whenever the currency approaches either end of the range