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Press Releases

Exchange Fund Figures As At End-June 1997 Announced

The Hong Kong Monetary Authority (HKMA) today announced the results of the Exchange Fund as at the end of June 1997. The figures, which are unaudited, show that:

  • the Total Assets of the Exchange Fund stood at HK$569 billion as at end-June, an increase of 6.4% from end-1996;
  • the Accumulated Surplus of the Exchange Fund stood at HK$181.9 billion as at end-June, an increase of HK$9,025 million or 5.2% from end-1996; and
  • the foreign currency assets held in the Exchange Fund, which excluded forward transactions, reached US$67.6 billion as at end-June. Including forward transactions, the foreign currency assets reached US$69.7 billion.

Mr. Joseph Yam, Chief Executive of the HKMA said: "We are satisfied with the results which were achieved amidst difficult market conditions in the first half of 1997. We steered a steady, defensive course through volatile bond and currency markets."

"The investment outlook for 1997 remains difficult. Forecasts on US interest rates remain mixed and a strong US currency may also adversely affect the non-US dollar assets of the Fund," he explained.

The official foreign currency reserves of Hong Kong, including those held in the Land Fund, exceeded US$82 billion at the end of June 1997, placing Hong Kong at the fifth position in the world ranking. The Land Fund is now managed by the HKMA as a separate portfolio.

Hong Kong Monetary Authority
24 July 1997

Exchange Fund Foreign Currency Assets
(US$ billion)

  Excluding forward transactionsNet forward tracsactionsIncluding forward transactions
March 95 52.4 (0.2) 52.2
June 95 53.6 - 53.6
September 95 51.8 2.8 54.6
December 95 55.4 1.8 57.2
March 96 58.1 1.7 59.8
June 96 57.3 2.7 60
September 96 55.4 6.7 62.1
December 96 63.8 5.7 69.6
January 97 65.9 5.2 71.1
February 97 63.8 4.3 68.1
March 97 63.4 4.3 67.7
April 97 63.6 4 67.6
May 97 66.6 1.8 68.4
June 97 67.6 2.1 69.7

 

Foreign Exchange Reserves Ranking

1 Japan US$222 billion Jun 97
2 China US$121 billion Jul 97
3 Taiwan US$90 billion May 97
4 Germany US$86 billion May 97
5 Hong Kong US$82 billion Jun 97
6 Singapore US$81 billion May 97
7 US US$70 billion May 97
8 Spain US$63 billion May 97
9 Brazil US$54 billion Apr 97
10 Italy US$45 billion Apr 97

 


Exchange Fund Balance Sheet as at


.

Jun 30, 1997
(unaudited)
HK$ Million

Dec 31, 1996
(Audited, as published
in the 1996 annual report)
HK$ Million

Jun 30, 1996
(unaudited)
HK$ Million

Dec 31, 1995
(Audited, as published
in the 1995 annual report)
HK$ Million

Jun 30, 1995 *
(unaudited)
HK$ Million

Dec 31, 1994 **
(Audited, as published
in the 1994 annual report)
HK$ Million

ASSETS            
Cash and short-term funds 125,050 126,648 117,208 100,343 93,932 62,933
Fixed deposits 66,796 63,401 56,780 76,830 72,972 107,268
Certificates of deposit 74,578 64,065 49,880 23,657 44,664 17,118
Investments 292,302 270,869 249,326 250,702 228,875 214,985
Fixed assets 167 166 97 58 0 0
Other Assets 9,861 9,368 11,703 9,144 6,591 6,181
Total Assets (Appendix A) 568,754 534,517 484,994 460,734 447,034 408,485
LIABILITIES            
Certificates of Indebtedness 91,985 82,480 78,270 77,600 74,630 74,301
Coins in circulation 4,564 4,164 3,797 3,597 3,332 3,372
Balance of banking system 480 474 3,925 1,762 2,247 2,208
Exchange Fund Bills and Notes 89,338 83,509 56,726 53,311 50,840 46,140
Fiscal Reserves Account 182,168 145,898 148,801 125,916 143,908 131,240
Placements by other institutions 13,504 39,125 25,813 34,302 19,894 22,971
Other liabilities 4,828 6,005 6,008 4,112 2,154 (357)
Total Liabilities 386,867 361,655 323,340 300,600 297,005 279,875
NET ASSETS 181,887 172,862 161,654 160,134 150,029 128,610
. ======= ======= ======= ======= ======= =======
REPRESENTING            
ACCUMULATED SURPLUS 181,887 172,862 161,654 160,134 150,029 128,610
. ======= ======= ======= ======= ======= =======

* Restated to reflect the use of market rates in the translation of US dollars
** The linked exchange rate (US$1 = HK$7.80) is used in the translation of US dollars






TOTAL ASSETS
.

Jun 30, 1997
(unaudited)
HK$ Million

Dec 31, 1996
(Audited, as published
in the 1996 annual report)
HK$ Million

Jun 30, 1996
(unaudited)
HK$ Million

Dec 31, 1995
(Audited, as published
in the 1995 annual report)
HK$ Million

Jun 30, 1995 *
(unaudited)
HK$ Million

Dec 31, 1994 **
(Audited, as published
in the 1994 annual report)
HK$ Million

HK$mn            
Foreign currency assets 523,891 493,802 443,609 428,547 414,982 384,359
Hong Kong dollar assets 44,863 40,715 41,385 32,187 32,052 24,126
Total 568,754 534,517 484,994 460,734 447,034 408,485

Statistics on total foreign currency assets and forward foreign exchange transactions of the Exchange fund are shown below.

 

.

Jun 30, 1997
(unaudited)
HK$ Million

Dec 31, 1996
(Audited, as published
in the 1996 annual report)
HK$ Million

Jun 30, 1996
(unaudited)
HK$ Million

Dec 31, 1995
(Audited, as published
in the 1995 annual report)
HK$ Million

Jun 30, 1995 *
(unaudited)
HK$ Million

Dec 31, 1994 **
(Audited, as published
in the 1994 annual report)
HK$ Million

HK$mn            
Exchange Fund foreign currency assets excluding forward transactions 523,891 493,802 443,609 428,547 414,982 384,359
Net forward transactions 16,377 44,235 20,578 13,507 (376) 13,979
Including forward transactions 540,268 538,037 464,187 442,054 414,606 398,338
US$ equivalent at market rates (US$ mn) 69,736 69,559 59,966 57,171 53,583 51,069

* Restated to reflect the use of market rates in the translation of US dollars
** The linked exchange rate (US$1 = HK$7.80) is used in the translation of US dollars

 
Last revision date: 1 August 2011
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