The Hong Kong Monetary Authority (HKMA) announced today (31 December) that the total assets of the Exchange Fund amounted to HK$4,106.9 billion as at 30 November 2025, HK$10.7 billion lower than that at the end of October 2025. Foreign currency assets decreased by HK$9.9 billion and Hong Kong dollar assets decreased by HK$0.8 billion.
The decline in foreign currency assets was mainly due to a reduction in the month-end balances of unsettled purchase of securities, which was partly offset by proceeds from the issuance of Digital Green Bonds and RMB Institutional Government Bonds, interest income and mark-to-market revaluation of investments. The decline in Hong Kong dollar assets was mainly due to mark-to-market revaluation of Hong Kong equities.
The Currency Board Account shows that the Monetary Base at the end of November 2025 was HK$2,032.2 billion, increased by HK$5.5 billion, or 0.3%, from the end of October 2025. The increase 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$14.2 billion, or 0.6%, to HK$2,241.3 billion at the end of November 2025. The increase was mainly attributable to interest income and mark-to-market revaluation of investments. The Backing Ratio increased from 109.89% at the end of October 2025 to 110.29% at the end of November 2025.
Annex 1: Abridged Balance Sheet of the Exchange Fund
Annex 2: Currency Board Account
Hong Kong Monetary Authority
31 December 2025
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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 December 2025, the scheduled dates for issuing the press releases are as follows:
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5 December
(Issued)
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SDDS International Reserves
(Hong Kong’s Latest Foreign Currency Reserve Assets Figures)
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12 December
(Issued)
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SDDS Analytical Accounts of the Central Bank
(Analytical Accounts of the Exchange Fund)
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31 December
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SDDS Template on International Reserves and
Foreign Currency Liquidity
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31 December
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Exchange Fund Abridged Balance Sheet and
Currency Board Account
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