HK Exchange Fund Stands at 979.9 Billion HK Dollars at end of June

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Last updated at: (Beijing Time) Friday, August 01, 2003

HK Exchange Fund Stands at 979.9 Billion HK Dollars at end of June

The Hong Kong Monetary Authority(HKMA) announced Thursday that the total assets of the Exchange Fund amounted to 979.9 billion Hong Kong dollars (125.63 US dollars) at the end of June 2003.

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The Hong Kong Monetary Authority(HKMA) announced Thursday that the total assets of the Exchange Fund amounted to 979.9 billion Hong Kong dollars (125.63 US dollars) at the end of June 2003.

The figure is included in the Exchange Fund Abridged Balance Sheet, which is released on a monthly basis together with the Currency Board Account.

At the end of June 2003, the total assets of the Exchange Fund were 9.6 billion Hong Kong dollars lower than at the end of May 2003. Foreign currency assets decreased by 15.6 billion Hong Kong dollars while Hong Kong dollar assets increased by 6.0 billion Hong Kong dollars.

The decrease in foreign currency assets was mainly due to the sale of foreign currencies for Hong Kong dollars. The increase in Hong Kong dollar assets was mainly due to the purchase of Hong Kong dollars from foreign currencies which was partly offset by fiscal drawdowns.

Figures in the Currency Board Account show that the monetary base at the end of June 2003 was 254.0 billion Hong Kong dollars, an increase of 1.3 billion Hong Kong dollars, or 0.5 percent, fromthe end of May 2003. The increase was mainly due to an increase in Certificates of Indebtedness of 1.2 billion Hong Kong dollars.

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