Table 1 Hong Kong's Balance of Payments Account

HK$ million   1999 1999 1999 1999 2000 2000 Standard Components Annual 2nd Qtr 3rd Qtr 4th Qtr 1st Qtr 2nd Qtr Current Account(1) 81,799 11,781 30,154 27,982 10,288 12,152                        Goods -24,501 -7,431 -1,068 -7,241 -19,344 -19,329                        Services 90,433 19,028 24,423 32,170 23,754 28,172                        Factor income 27,276 2,923 9,716 6,021 9,226 6,378                        Current transfers -11,409 -2,740 -2,917 -2,968 -3,347 -3,069               Capital and Financial Account(1) -76,237 -13,999 -33,980 -14,001 -3,863 -16,019                        Capital transfers -13,787 -3,047 -3,123 -4,533 -1,938 -3,641                        Financial non-reserve assets (net change) 11,690 -9,003 -18,132 42,653 -20,100 12,990                                 Direct investment 24,615 -13,983 -9,323 45,296 -1,440 58,667                                 Portfolio investment 250,472 5,222 115,213 96,986 87,045 5,476                                 Financial derivatives 95,475 92,328 -25,998 43,855 -41,504 15,644                                 Other investment -358,872 -92,570 -98,024 -143,484 -64,201 -66,797                        Reserve assets (net change)(2) -74,140 -1,949 -12,725 -52,121 18,175 -25,368               Net errors and omissions -5,562 2,219 3,826 -13,982 -6,426 3,867 Overall Balance of Payments 74,140 1,949 12,725 52,121 -18,175 25,368   (in surplus) (in surplus) (in surplus) (in surplus) (in deficit) (in surplus)

Notes : (1) In accordance with the Balance of Payments accounting rules, a positive value for the balance figure in the current account represents a surplus whereas a negative value represents a deficit. For the capital and financial account, a positive value indicates a net capital and financial inflow and a negative value indicates a net outflow. As increases in external assets are debit entries and decreases are credit entries, a negative value for net change in reserve assets represents a net increase and a positive value represents a net decrease.   (2) The estimates on net change in reserve assets under the Balance of Payments framework are transaction figures. Effects from valuation changes (including price changes and exchange rate changes) and reclassifications are excluded.