Exchange Fund Abridged Balance Sheet and Currency Board Account

Press Releases

28 Apr 2023

Exchange Fund Abridged Balance Sheet and Currency Board Account

The Hong Kong Monetary Authority (HKMA) announced today (28 April) that the total assets of the Exchange Fund amounted to HK$4,077.1 billion as at 31 March 2023, HK$80.6 billion lower than that at the end of February 2023. Hong Kong dollar assets decreased by HK$64.6 billion and foreign currency assets decreased by HK$16.0 billion.

The decline in Hong Kong dollar assets was mainly due to the reduction in the month-end balances of Exchange Fund Bills and Notes issued but not yet settled, which was partly offset by the mark-to-market revaluation on Hong Kong equities. The decline in foreign currency assets was mainly due to the withdrawals of Fiscal Reserves placements, which was partly offset by the mark-to-market revaluation on investments. 

The Currency Board Account shows that the Monetary Base at the end of March 2023 was HK$1,903.8 billion, increased by HK$7.0 billion, or 0.4%, from the end of February 2023. The rise was mainly due to increases in the market value of Exchange Fund Bills and Notes outstanding and the outstanding amount of Certificates of Indebtedness.

The amount of Backing Assets increased by HK$23.2 billion, or 1.1%, to HK$2,129.6 billion at the end of March 2023. The increase was mainly attributable to the mark-to-market revaluation on investments and the interest from investments. The backing ratio increased from 111.05% at the end of February 2023 to 111.86% at the end of March 2023.

 

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

 

Hong Kong Monetary Authority
28 April 2023

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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 April 2023, the scheduled dates for issuing the press releases are as follows:

11 April
(Issued)

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

14 April
(Issued)

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

28 April

SDDS Template on International Reserves and Foreign Currency Liquidity

28 April

Exchange Fund Abridged Balance Sheet and Currency Board Account

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Last revision date : 28 April 2023