The Hong Kong Monetary Authority (HKMA) announced today (28 November) that the total assets of the Exchange Fund amounted to HK$4,117.6 billion as at 31 October 2025, HK$34.6 billion lower than that at the end of September 2025. Hong Kong dollar assets decreased by HK$92.6 billion while foreign currency assets increased by HK$58.0 billion.
The decline in Hong Kong dollar assets was mainly due to the decrease in Exchange Fund Bills and Notes issued but not yet settled at month end and mark-to-market revaluation of Hong Kong equities. The rise in foreign currency assets was mainly due to an increase in the month-end balances of unsettled purchase of securities and interest income from investments.
The Currency Board Account shows that the Monetary Base at the end of October 2025 was HK$2,026.7 billion, increased by HK$6.5 billion, or 0.3%, from the end of September 2025. The increase was mainly due to the increase in the outstanding amount of Certificates of Indebtedness and the amortisation of discount on Exchange Fund Bills and Notes issued.
The amount of Backing Assets increased by HK$9.0 billion, or 0.4%, to HK$2,227.1 billion at the end of October 2025. The increase was mainly attributable to interest income from investments. The Backing Ratio increased from 109.80% at the end of September 2025 to 109.89% at the end of October 2025.
Annex 1: Abridged Balance Sheet of the Exchange Fund
Annex 2: Currency Board Account
Hong Kong Monetary Authority
28 November 2025
*****************************************************************
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 2025, the scheduled dates for issuing the press releases are as follows:
|
7 November
(Issued)
|
SDDS International Reserves
(Hong Kong’s Latest Foreign Currency Reserve Assets Figures)
|
|
14 November
(Issued)
|
SDDS Analytical Accounts of the Central Bank
(Analytical Accounts of the Exchange Fund)
|
|
28 November
|
SDDS Template on International Reserves and
Foreign Currency Liquidity
|
|
28 November
|
Exchange Fund Abridged Balance Sheet and
Currency Board Account
|
