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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announced today (June 30) that the total assets of the Exchange Fund amounted to HK$2,490.1 billion as at May 31, 2011.
The figure is included in the Exchange Fund Abridged Balance Sheet, which is released monthly together with the Currency Board Account.
At the end of May 2011 the total assets of the Exchange Fund, at HK$2,490.1 billion, were HK$43.4 billion higher than at the end of April 2011. Foreign currency assets increased by HK$11.1 billion and Hong Kong dollar assets increased by HK$32.3 billion.
The rise in foreign currency assets was mainly due to an increase in unsettled purchases of securities, which was partly offset by a decrease in Certificates of Indebtedness. The rise in Hong Kong dollar assets was mainly due to an increase in Exchange Fund Bills and Notes issued but not yet settled, which was partly offset by fiscal drawdowns.
The Currency Board Account shows that the Monetary Base at the end of May 2011 was HK$1,049.9 billion, a decrease of HK$5.3 billion, or 0.5%, from the end of April 2011. The decline was mainly due to a decrease in Certificates of Indebtedness.
The Backing Assets decreased by HK$1.5 billion, or 0.1%, to HK$1,136.2 billion. The decrease was mainly attributable to the redemption of Certificates of Indebtedness which was partly offset by revaluation gains and interest from investments. The backing ratio increased from 107.82% at the end of April 2011 to 108.22% at the end of May 2011.
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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 June 2011, the scheduled dates for issuing the press releases are as follows:
June 7 SDDS International Reserves
(Issued) (Hong Kong's Latest Foreign Currency
Reserve Assets Figures)
June 14 SDDS Analytical Accounts of the
(Issued) Central Bank
(Analytical Accounts of the Exchange Fund)
June 30 Exchange Fund Abridged Balance Sheet and
Currency Board Account
June 30 SDDS Template on International Reserves
and Foreign Currency Liquidity
Ends/Thursday, June 30, 2011
Issued at HKT 18:09
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