Hong Kong Economic and Trade Office, USA
Hong Kong
News Release

The following is issued on behalf of the Hong Kong Monetary Authority:

Hong Kong Exchange Fund at US$546 billion


For more information, please contact

Melissa Ng in New York City: (212) 752 3320
Daniel McAtee in Washington, D.C.: (202) 238 6360
Wing Yan Tong in San Francisco: (415) 835 9315

January 31, 2020 - The Hong Kong Monetary Authority announced today that the total assets of the Exchange Fund amounted to HK$4,259.1 billion (US$546 billion) as at December 31, 2019. This is HK$116.2 billion (US$14.8 billion) higher than that at the end of November 2019.  Hong Kong dollar assets increased by HK$107.8 billion (US$13.8 billion) and foreign currency assets increased by HK$8.4 billion (US$1.0 billion).

The rise in Hong Kong dollar assets was mainly due to an increase in Exchange Fund Bills and Notes issued but not yet settled and additional placements from Fiscal Reserves.  The rise in foreign currency assets was mainly due to income from foreign currency investments, which was partly offset by a decrease in unsettled purchases of securities.

The Currency Board Account shows that the Monetary Base at the end of December 2019 was HK$1,662.4 billion (US$213.1 billion), increased by HK$8.5 billion (US$1.0 billion), or 0.5 per cent, from the end of November 2019.  The rise was mainly due to an increase in the outstanding amount of Certificates of Indebtedness.

Backing Assets increased by HK$1.4 billion (US$179 million), or 0.1 per cent, to HK$1,848.7 billion (US$237.0 billion).  The increase was mainly attributable to the issuance of Certificates of Indebtedness and interest from investments, which were partly offset by the negative effect in translating foreign currency investments into Hong Kong dollar.  The backing ratio decreased from 111.70 per cent at the end of November 2019 to 111.21 per cent at the end of December 2019.

The figures in the Exchange Fund Abridged Balance Sheet and the Currency Board Account are unaudited.  The audit of the Exchange Fund’s annual financial statements by the Director of Audit is in progress.

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