Exchange Fund Abridged Balance Sheet and Currency Board Account

The Hong Kong Monetary Authority (HKMA) announced today (30 November) that the total assets of the Exchange Fund amounted to HK$3,991.7 billion as at 31 October 2023, HK$68.2 billion higher than that at the end of September 2023. Hong Kong dollar assets increased by HK$65.7 billion and foreign currency assets increased by HK$2.5 billion.

The rise in Hong Kong dollar assets was mainly due to increase in Exchange Fund Bills and Notes issued but not yet settled at month end. The rise in foreign currency assets was mainly due to increase in the month-end balances of unsettled purchase of securities, which was partly offset by mark-to-market revaluation on investments.

The Currency Board Account shows that the Monetary Base at the end of October 2023 was HK$1,875.2 billion, decreased by HK$5.9 billion, or 0.3%, from the end of September 2023. The decline was mainly due to decrease in the outstanding amount of Certificates of Indebtedness, which was partly offset by an increase in the market value of Exchange Fund Bills and Notes outstanding.

The amount of Backing Assets decreased by HK$6.8 billion, or 0.3%, to HK$2,057.6 billion at the end of October 2023. The decrease was mainly attributable to the redemption of Certificates of Indebtedness. The backing ratio decreased from 109.75% at the end of September 2023 to 109.73% at the end of October 2023.

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

Hong Kong Monetary Authority
30 November 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 November 2023, the scheduled dates for issuing the press releases are as follows: