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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announced today (July 29) that the total assets of the Exchange Fund amounted to HK$2,433.2 billion as at June 30, 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 June 2011 the total assets of the Exchange Fund, at HK$2,433.2 billion, were HK$56.9 billion lower than at the end of May 2011. Foreign currency assets decreased by HK$8.9 billion and Hong Kong dollar assets decreased by HK$48.0 billion.
The decline in foreign currency assets was mainly due to a decrease in unsettled purchases of securities, which was partly offset by purchases of foreign currencies with Hong Kong dollars. The decline in Hong Kong dollar assets was mainly due to a decrease in Exchange Fund Bills and Notes issued but not yet settled, sales of Hong Kong dollars for foreign currencies and valuation losses on Hong Kong equities.
The Currency Board Account shows that the Monetary Base at the end of June 2011 was HK$1,054.5 billion, an increase of HK$4.7 billion, or 0.44%, from the end of May 2011. The rise was mainly due to an increase in Certificates of Indebtedness.
The Backing Assets increased by HK$4.2 billion, or 0.37%, to HK$1,140.3 billion. The increase was mainly attributable to the issuance of Certificates of Indebtedness and interest from investments which were partly offset by revaluation losses. The backing ratio decreased from 108.22% at the end of May 2011 to 108.14% at the end of June 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 July 2011, the scheduled dates for issuing the press releases are as follows:
July 7 (Issued)
SDDS International Reserves
(Hong Kong's Latest Foreign Currency Reserve Assets Figures)
July 14 (Issued)
SDDS Analytical Accounts of the Central Bank
(Analytical Accounts of the Exchange Fund)
July 29
Exchange Fund Abridged Balance Sheet and Currency Board Account
July 29
SDDS Template on International Reserves and Foreign Currency Liquidity
Ends/Friday, July 29, 2011
Issued at HKT 16:33
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