Key Information

inSight
Speeches
Speeches by Speaker
Norman T.L. Chan
Peter Pang
Eddie Yue
Arthur Yuen
Zeti Akhtar Aziz
Raymond Li
Edmond Lau
Esmond Lee
Meena Datwani
Vincent W.S. Lee
James Lau
Joseph Yam
Y K Choi
William Ryback
David Carse
Tony Latter
Andrew Sheng
Hans Genberg
Simon Topping
Michael Taylor
The Honourable Donald Tsang
Chen Yuan
Dai Xianglong
Don Brash
Jaime Caruana
Andrew Crockett
Mario Draghi
David Eldon
Stanley Fischer
Timothy F. Geithner
Stephen Grenville
Kenneth G. Lay
William McDonough
Ernest Patrikis
Glenn Stevens
Jean-Claude Trichet
Tarisa Watanagase
Zeti Akhtar Aziz
Carmen Chu
Alan Au
Press Releases
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
Press Releases by Category
Bogus Voice Message Phone Calls
Banking in Hong Kong
Fraudulent Websites, E-mails and Telephone System, and other fraud cases
Granting of Banking Licences
Exchange Fund
Table of Multiples of Notes and Payments for Allotted Amount under non-competitive tender
Table of Multiples of Notes and Payments of Application Amount under non-competitive tender
Tender of Exchange Fund Bills and Notes
Tender Results of Exchange Fund Bills and Notes
Tentative Issuance Schedule for Exchange Fund Bills and Notes
Appointments and Departures
HKMA Pay Review
HKMA Publications
Speeches
The Hong Kong Mortgage Corporation
Hong Kong Note Printing Limited
Hong Kong Institute for Monetary Research
Exchange Fund Investment Limited
Others
Hong Kong Financial Infrastructure
International Relations
Investment Products Related to Lehman Brothers
Monetary Policy
Notes and Coins
Renminbi business
Credit Card Lending Survey
Monetary Statistics
Residential Mortgage Survey
Year 2000
Others
Guidelines and Circulars
Guidelines
Circulars
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
515.5995

Press Releases

Exchange Fund Results for the Year 1999

The Hong Kong Monetary Authority (HKMA) today announced the operating results of the Exchange Fund for the year 1999.

As at the end of December 1999, the Exchange Fund had HK$1,014.4 billion of assets, representing an increase of 10.1% over a year ago. During the year, the accumulated surplus of the Exchange Fund grew by 20.2% from HK$242.3 billion at the end of December 1998 to HK$291.3 billion at the end of December 1999.

Total investment income of the Exchange Fund was HK$104.8 billion, which is an increase of 11.2% over a year ago and reflects high returns on the Hong Kong equity portfolio in 1999. Profits for the year, after deducting for the interest payable on fiscal reserves placed with the Exchange Fund and other expenses, was $49.0 billion, compared to $52.2 billion reported last year.

Commenting on the operating results of the Exchange Fund for 1999, the Chief Executive of the HKMA, Mr Joseph Yam, said that the 20% increase in accumulated surplus was encouraging, particularly in a very difficult year when rising interest rates resulted in volatile financial conditions.

Mr Yam cautions that financial markets in 2000 will be even more difficult. "The momentum behind inflationary expectations appears to be building as the continuing strength in the US economy is accompanied by cyclical recovery elsewhere in the world. Uncertainties over the magnitude of interest rate rises will contribute to increased volatility in bond and equity markets. The investment performance of the Exchange Fund in 2000 will no doubt be affected; but the HKMA will remain vigilant to changing market conditions in its prudent management of the Exchange Fund."

Attachment

Annex A: Exchange Fund - Income and Expenditure Account for the year ended 31 December 1999

Annex B: Exchange Fund - Balance Sheet as at 31 December 1999

Annex C: Statement of Valuation of the Hong Kong Equity Portfolio

PowerPoint presentation

Hong Kong Monetary Authority

28 March 2000

Last revision date: 1 August 2011
ABOUT THE HKMA
The HKMA
Tender Invitations
Careers@HKMA
Legislative Council Issues
Links
The HKMA Information Centre
KEY FUNCTIONS
Monetary Stability
Banking Stability
International Financial Centre
Exchange Fund
PUBLICATIONS & RESEARCH
Annual Report
Half-Yearly Monetary & Financial Stability Report
Quarterly Bulletin
HKMA Background Briefs
Reference Materials
Research
MARKET DATA & STATISTICS
CMU Bond Price Bulletin
Economic & Financial Data for Hong Kong
Monthly Statistical Bulletin
Monetary Statistics
KEY INFORMATION
Press Releases
Speeches
Guidelines & Circulars
Forthcoming Events
inSight
OTHER INFORMATION
Information in Other Languages (Bahasa Indonesia, हिन्दी, नेपाली, ਪੰਜਾਬੀ, Tagalog, ไทย, اردو)
Account Opening
Consumer Corner
Consumer Education Programme
Complaints about Banks
Complaints about SVF Licensees
Internet Banking
Fraudulent Bank Websites, Phishing E-mails and Similar Scams
Be Careful of Bogus Phone Calls and SMS Messages
Authenticate the Callers and Bank Hotline Numbers
Register of AIs & LROs
Register of Securities Staff of AIs
Register of SVF Licensees
Investment Products Related to Lehman Brothers
Photo Gallery