As a further step to enhance the transparency of the operations of the Currency Board arrangements in Hong Kong, the Hong Kong Monetary Authority (HKMA) has started to publish the size of the Monetary Base and its components on a daily basis as from today.
The new HKMA page on the Reuters (page name: HKMA) shows the aggregate size of the Monetary Base as well as a breakdown into individual components, including Certificates of Indebtedness (backing the bank notes issued in Hong Kong), coins in circulation, Aggregate Balance of the banking system, and outstanding Exchange Fund Bills and Notes. The position before Discount Window activities is also shown. The information is updated on a daily basis after the close of the money market.
Following the revamp of the interbank payment system on the occasion of introducing the Real Time Gross Settlement System in December 1996, the Aggregate Balance has been published on a real time basis. As from 10 June 1998, we have also been announcing the forecast change in the Aggregate Balance due to the HKMA's foreign exchange transactions also on a real time basis. The publication of the entire Monetary Base on a daily basis represents a further move in the direction of greater transparency and disclosure.
A copy of the format of the HKMA page on the Monetary Base is attached.
Hong Kong Monetary Authority
25 November 1998