Components of the Monetary Base

The Monetary Base comprises the following components:

  • Certificates of Indebtedness, which provide full backing to the banknotes issued by note-issuing banks
  • Government-issued notes and coins in circulation
  • Aggregate Balance, which is the sum of banks’ clearing account balances kept with the HKMA
  • Exchange Fund Bills and Notes issued by the HKMA on behalf of the Government for the account of the Exchange Fund

Last revision date : 26 August 2019