The Hong Kong Monetary Authority (HKMA) announced today (Friday) that the total assets of the Exchange Fund amounted to HK$1,103.1 billion on 31 May 2006.
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 May 2006 the total assets of the Exchange Fund, at HK$1,103.1 billion, were HK$8.2 billion lower than at the end of April 2006. Both foreign currency assets and Hong Kong dollar assets decreased, by HK$5.2 billion and HK$3.0 billion respectively.
The decrease in foreign currency assets was due mainly to valuations of foreign currency investments and redemptions of Certificates of Indebtedness, which were partly offset by interest and dividend income from foreign currency assets. The decrease in Hong Kong dollar assets was due mainly to fiscal drawdowns and valuation of Hong Kong equities held by the Exchange Fund, which were partly offset by an increase in Exchange Fund Bills and Notes issued but not yet settled.
The Currency Board Account shows that the Monetary Base at the end of May 2006 was HK$287.5 billion, a decrease of HK$1.2 billion, or 0.4%, from the end of April 2006. The decrease was due mainly to a decrease in Certificates of Indebtedness.
The Backing Assets decreased by HK$0.6 billion, or 0.2%, to HK$321.5billion. The decrease was attributable mainly to the redemption of Certificates of Indebtedness in the Monetary Base together with valuation of investments, which were partly offset by interest from investments. Reflecting this, the backing ratio increased from 111.55% at the end of April 2006 to 111.81% at the end of May 2006.
For further enquiries, please contact:
Ying-ying Cheng, Manager (Press), at 2878 1687 or
Thomas Chan, Senior Manager (Press), at 2878 1480
Hong Kong Monetary Authority
30 June 2006
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 June 2006, the scheduled dates for issuing the press releases are as follows:
|SDDS International Reserves (Hong Kong's Latest Foreign Currency Reserve Assets Figures)|
|SDDS Analytical Accounts of the Central Bank (Exchange Fund Balance Sheet Data)|
|30 June||Exchange Fund Abridged Balance Sheet and Currency Board Account|
|30 June||SDDS Template on International Reserves and Foreign Currency Liquidity|