Exchange Fund Balance Sheet Data

The Hong Kong Monetary Authority (HKMA) today (14 June 1999) released key data on the balance sheet of the Exchange Fund at end-May 1999, reporting a HK$4.7 billion decrease in the foreign assets of the Exchange Fund during the month.

Foreign assets, representing the external assets of the Exchange Fund, and excluding foreign currency deposits placed with banks in Hong Kong, amounted to HK$652.1 billion. The decrease reflected primarily the valuation effect of foreign currency investments and redemption of currency notes issued, which were partly offset by investment income from foreign currency investments.

The Monetary base, comprising Certificates of Indebtedness and coins issued, the Aggregate Balance of the banking system and Exchange Fund Bills and Notes issued, amounted to HK$197.3 billion.

Claims on the private sector in Hong Kong totalled HK$57.8 billion. This comprises bank deposits and investments in debt securities issued by public sector entities in Hong Kong held by the Exchange Fund.

The balance sheet data of the Exchange Fund are released on a monthly basis in accordance with the International Monetary Fund's Special Data Dissemination Standards (SDDS) and are referred to as the Analytical Accounts of the Central Bank under SDDS (Annex 1).

Hong Kong Monetary Authority

14 June 1999