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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announced today (October 31) that the total assets of the Exchange Fund amounted to HK$2,415.6 billion as at September 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 September 2011 the total assets of the Exchange Fund, at HK$2,415.6 billion, were HK$37.1 billion lower than at the end of August 2011. Foreign currency assets decreased by HK$14.8 billion and Hong Kong dollar assets decreased by HK$22.3 billion.
The decline in foreign currency assets was mainly due to valuation losses on foreign currency investments. This decrease was partly offset by an increase in Certificates of Indebtedness, purchases of foreign currencies with Hong Kong dollars, and interest and dividend income from foreign currency investments. The decline in Hong Kong dollar assets was mainly due to valuation losses on Hong Kong equities and sales of Hong Kong dollars for foreign currencies.
The Currency Board Account shows that the Monetary Base at the end of September 2011 was HK$1,061.8 billion, an increase of HK$6.7 billion, or 0.6%, from the end of August 2011. The rise was mainly due to an increase in Certificates of Indebtedness.
The Backing Assets increased by HK$8.3 billion, or 0.7%, to HK$1,157.8 billion. The increase was mainly attributable to the issuance of Certificates of Indebtedness together with revaluation gains and interest from investments. The backing ratio increased from 108.95% at the end of August 2011 to 109.04% at the end of September 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 October 2011, the scheduled dates for issuing the press releases are as follows:
October 7 (Issued)
SDDS International Reserves
(Hong Kong's Latest Foreign Currency Reserve Assets Figures)
October 14 (Issued)
SDDS Analytical Accounts of the Central Bank
(Analytical Accounts of the Exchange Fund)
October 31
Exchange Fund Abridged Balance Sheet and Currency Board Account
October 31
SDDS Template on International Reserves and Foreign Currency Liquidity
Ends/Monday, October 31, 2011
Issued at HKT 17:07
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