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Press Releases

Exchange Fund Records Healthy Growth

The Hong Kong Monetary Authority (HKMA) today announced the audited results of the Exchange Fund at end-1996 with total assets of the Fund up 16% to HK$534.5 bn (1995: HK$460.7 bn) and a 7.9% growth in accumulated earnings. Accumulated earnings in the Exchange Fund increased from HK$160.1 bn as at end-1995 to HK$172.8 bn at the end of last year, an increase of HK$12.7 bn.

"The HK$12.7 bn increase in accumulated earnings reflected the result of HKMA's prudent management of the Fund at times of volatile bond markets and a strong US dollar. The investment in US equities also contributed to the earnings as that market rallied strongly in 1996," said an HKMA spokesman.

"The outlook for 1997 remains uncertain. Market consensus that US interest rates may increase in 1997, coupled with the strength in the US dollar will impact on the Fund's performance in 1997."

"The HKMA will maintain its prudent policy and continue to invest the majority of the Fund's assets in fixed income instruments," the HKMA spokesman added.

The HKMA also announced today the foreign currency assets (i.e. foreign reserves) within the Exchange Fund totalled US$63.8 bn as at end of February 1997. This represented a drop from the US$65.9 bn figure as at end-January due to seasonal factors.

Exchange Fund Balance Sheet
as at 31 December 1996
  19961995
  HK$ MILLIONHK$ MILLION
ASSETS
Cash and short-term funds 126,648 100,343
Fixed deposits 63,401 76,830
Certificates of deposit 64,065 23,657
Investments 270,869 250,702
Fixed assets 166 58
Other assets 9,368 9,144
Total Assets 534,517 460,734
Total Assets (by allocation):    
Foreign currency assets 493,802 428,547
Hong Kong dollar assets 40,715 32,187
  534,517 460,734
LIABILITIES
Certificates of Indebtedness 82,480 77,600
Coins in circulation 4,164 3,597
Balance of banking system 474 1,762
Exchange Fund Bills and Notes 83,509 53,125
Fiscal Reserves Account 145,898 125,916
Placements by other institutions 39,125 34,302
Other liabilities 6,005 4,298
Total Liabilities 361,655 300,600
NET ASSETS 172,862 160,134
     
REPRESENTING ACCUMULATED SURPLUS 172,862 160,134
Exchange Fund Income and Expenditure Account
for the year ended 31 December 1996
  19961995
  HK$ MILLIONHK$ MILLION
INCOME
Investment income 25,384 46,734
Licence fees 173 176
Others 23 104
TOTAL INCOME 25,580 47,014
EXPENDITURE
Note and coin expenses 165 352
Operating expenses 518 440
Interest 12,169 11,862
TOTAL EXPENDITURE 12,852 12,654
SURPLUS FOR THE YEAR 12,728 34,360
     
STATEMENT OF ACCUMULATED    
SURPLUS    
Accumulated surplus brought forward 160,134 125,774
Surplus for the year 12,728 34,360

ACCUMULATED SURPLUS
CARRIED FORWARD 172,862 160,134

 

Hong Kong Monetary Authority
27 March 1997

Last revision date: 1 August 2011
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