The three characters here originally had something to do with going.
This was originally footprints and is still 'go' in Japanese. In Chinese it means 'all right'.
In some words it is read háng e.g. 银行 yínháng 'bank'.
Example: 往西拐 wǎng xī guǎi 'turn to the west'
Example: 逛街 guàngjiē 'go shopping'