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Press Releases

Exchange Fund Abridged Balance Sheet and Currency Board Account

The Hong Kong Monetary Authority (HKMA) announced today (Friday) that the total assets of the Exchange Fund amounted to HK$961.5 billion as at 31 July 2003.

The figure is included in the Exchange Fund Abridged Balance Sheet, which is released on a monthly basis together with the Currency Board Account.

At the end of July 2003, the total assets of the Exchange Fund, at HK$961.5 billion, were HK$18.4 billion lower than at the end of June 2003. Both foreign currency assets and Hong Kong dollar assets decreased, by HK$16.2 billion and HK$2.2 billion respectively.

The decrease in foreign currency assets was mainly due to valuation losses on foreign currency investments and sale of foreign currencies for Hong Kong dollars which were partly offset by an increase in repurchase agreements and income from foreign currency assets. The decrease in Hong Kong dollar assets was mainly due to fiscal drawdowns which were partly offset by the purchase of Hong Kong dollars from foreign currencies and valuation gains in the market value of Hong Kong equities held by the Exchange Fund.

Figures in the Currency Board Account show that the monetary base at the end of July 2003 was HK$253.1 billion, a decrease of HK$0.8 billion, or 0.3%, from the end of June 2003. The decrease was mainly due to a decrease of HK$0.7 billion in the market value of outstanding Exchange Fund Bills and Notes.

The backing assets decreased by HK$1.1 billion, or 0.4%, to HK$283.3 billion. The decline was mainly attributable to revaluation losses on investments. Reflecting this, the backing ratio decreased from 112.01% at the end of June to 111.94% at the end of July.

Attachment
Annex 1 : Abridged Balance Sheet of the Exchange Fund
Annex 2 : Currency Board Account

For further enquiries, please contact:

Jasmin Fung, Manager (Press), at 2878 8246 or
Thomas Chan, Senior Manager (Press), at 2878 1480

Hong Kong Monetary Authority
29 August 2003

 

At present, four press releases relating to the Exchange Fund's data are issued by the HKMA each month. Three of these releases are issued to disseminate monetary data in accordance with the International Monetary Fund's Special Data Dissemination Standard (SDDS). The fourth press release, on the Exchange Fund's Abridged Balance Sheet and Currency Board Account, is made in accordance with the HKMA's policy of maintaining a high level of transparency. For the month of August 2003, the scheduled dates for issuing the press releases are as follows:

7 August
(Issued)
SDDS International Reserves (Hong Kong's Latest Foreign Currency Reserve Assets Figures)
14 August
(Issued)
SDDS Analytical Accounts of the Central Bank (Exchange Fund Balance Sheet Data)
29 August Exchange Fund Abridged Balance Sheet and Currency Board Account
29 August SDDS Template on International Reserves and Foreign Currency Liquidity
Last revision date: 1 August 2011
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