Exchange Fund Abridged Balance Sheet and Currency Board Account

Press Releases

30 Sep 2011

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$2,452.7 billion as at 31 August 2011.

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

At the end of August 2011 the total assets of the Exchange Fund, at HK$2,452.7 billion, were HK$38.3 billion lower than at the end of July 2011.  Foreign currency assets decreased by HK$19.8 billion and Hong Kong dollar assets decreased by HK$18.5 billion.

The decline in foreign currency assets was mainly due to a decrease in unsettled purchases of securities, which was partly offset by purchases of foreign currencies with Hong Kong dollars.  The decline in Hong Kong dollar assets was mainly due to valuation losses on Hong Kong equities and sales of Hong Kong dollars for foreign currencies.  These decreases were partly offset by placements received from fiscal reserves, HKSAR government funds and statutory bodies.

The Currency Board Account shows that the Monetary Base at the end of August 2011 was HK$1,055.0 billion, a decrease of HK$1.0 billion, or 0.1%, from the end of July 2011.  The decline was mainly due to a decrease in Certificates of Indebtedness.

The Backing Assets increased by HK$2.7 billion, or 0.2%, to HK$1,149.4 billion.  The increase was mainly attributable to revaluation gains and interest from investments which were partly offset by the redemption of Certificates of Indebtedness.  The backing ratio increased from 108.59% at the end of July 2011 to 108.95% at the end of August 2011.

Attachment

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

Hong Kong Monetary Authority
30 September 2011

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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 September 2011, the scheduled dates for issuing the press releases are as follows:

7 September
(Issued)

SDDS International Reserves (Hong Kong’s Latest Foreign Currency Reserve Assets Figures

14 September
(Issued)

SDDS Analytical Accounts of the Central Bank (Analytical Accounts of the Exchange Fund) 

30 September 

Exchange Fund Abridged Balance Sheet and Currency Board Account

30 September 

SDDS Template on International Reserves and Foreign Currency Liquidity

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Last revision date : 30 September 2011