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HONG KONG, Nov 16 (Reuters) - Hong Kong's central bank, the Hong Kong Monetary Authority, on Monday afternoon injected HK$3.1 billion (US$400 million) into the money market to stem an appreciating Hong Kong dollar and keep it within its fixed trading band. The Hong Kong dollar hit the top of its trading band at 7.7500 on Monday as money continued to pour into the territory for major upcoming IPOs and because a weak U.S. dollar made Hong Kong assets attractive, dealers said. Market talk that China could soon resume appreciation of its yuan currency was also promoting interest in the Hong Kong dollar, traders said. According to data on Reuters page, the latest intervention will shift the aggregate balance -- the sum of balances on clearing accounts maintained by banks with the HKMA -- to HK$306.364 billion by Nov. 18, taking account of the issue of HK$12.026 billion in additional Exchange Fund bills set for Nov. 17. The Hong Kong dollar is pegged at 7.80 to the U.S. dollar but can trade between 7.75 and 7.85 to the U.S. dollar. Under the linked exchange rate mechanism, the HKMA is obliged to intervene in the market to keep the trading band intact if the currency hits 7.75 or 7.85. By 0851 GMT, it was quoted at 7.7500/01. (Reporting by Christina Lo, writing by Susan Fenton; Editing by Chris Lewis) ((susan.fenton@thomsonreuters.com; +852 2843 6367; Reuters Messaging: susan.fenton.thomsonreuters.com@reuters.net)) Keywords: HONGKONG/HKMA (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
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