HONG KONG - Hong Kong's central bank, the Hong Kong Monetary Authority, injected HK$3.1 billion ($559million) into the money market in New York trading on Thursday to stem an appreciating Hong Kong dollar .

Earlier on Thursday, the HKMA injected a total of HK$7.75 billion into the money market as the local currency repeatedly hit the top of its trading band. .

The latest injection brought the total amount for the day to HK$10.85 billion.

The city has been attracting fund inflows over recent months as its currency peg to a weak U.S. dollar makes Hong Kong assets look attractive.

According to data on Reuters page , the latest intervention will lift the aggregate balance - the sum of balances on clearing accounts maintained by banks with the HKMA - to HK$259.242 billion by Nov. 9.

The Hong Kong dollar is pegged at 7.80 to the U.S. dollar but can trade between 7.75 and 7.85.

Under the linked exchange rate mechanism, the HKMA is usually obliged to intervene in the market to keep the trading band intact if the currency hits 7.75 or 7.85.

At 2334 GMT on Thursday (0734 Hong Kong time on Friday), it was quoted at 7.7500/01.