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Last updated at: (Beijing Time) Saturday, June 28, 2003

HK's Exchange Fund Amounts to 126 bln US dlrs

The Hong Kong Monetary Authority(HKMA) announced Friday that the total assets of the Exchange Fund amounted to 989.5 billion Hong Kong dollars (126.86 billion US dollars) as of May 31 this year.


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The Hong Kong Monetary Authority(HKMA) announced Friday that the total assets of the Exchange Fund amounted to 989.5 billion Hong Kong dollars (126.86 billion US dollars) as of May 31 this year.

Both foreign currency assets and Hong Kong dollar assets increased by 4.9 billion Hong Kong dollars (630 million US dollars)and 5.5 billion Hong Kong dollars (700 million US dollars) respectively during the period, according to the HKMA.

The increase in foreign currency assets was mainly due to income from foreign currency assets and valuation gains on foreigncurrency investments. The increase in Hong Kong dollar assets was mainly due to purchase of Hong Kong dollars from foreign currencies and valuation gains in the market value of Hong Kong equities held by the Exchange Fund which were partly offset by fiscal drawdowns.

Figures in the Currency Board Account show that the monetary base at the end of May was 252.7 billion Hong Kong dollars (32.39billion US dollars), an increase of 900 million Hong Kong dollars,or 0.4 percent, from the end of April 2003.

The increase was mainly due to an increase in Certificates of Indebtedness of 300 million Hong Kong dollars (38 million US dollars) and the market value of Exchange Fund Bills and Notes issued of 600 million Hong Kong dollars (77 million US dollars).


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