Exchange Fund Abridged Balance Sheet and Currency Board Account

The Hong Kong Monetary Authority (HKMA) announced today (30 August) that the total assets of the Exchange Fund amounted to HK$3,970.9 billion as at 31 July 2024, HK$7.7 billion lower than that at the end of June 2024. Foreign currency assets decreased by HK$7.2 billion and Hong Kong dollar assets decreased by HK$0.5 billion.

The decline in foreign currency assets was mainly due to a reduction in the month-end balances of unsettled purchase of securities, which was partly offset by mark-to-market revaluation of investments. The decline in Hong Kong dollar assets was mainly due to mark-to-market revaluation of Hong Kong equities, which was partly offset by an increase in placements with banks.

The Currency Board Account shows that the Monetary Base at the end of July 2024 was HK$1,923.2 billion, decreased by HK$4.2 billion, or 0.2%, from the end of June 2024. The decline was mainly due to the decrease in the outstanding amount of Certificates of Indebtedness, which was partly offset by amortisation of discount on Exchange Fund Bills and Notes issued.

The amount of Backing Assets increased by HK$8.2 billion, or 0.4%, to HK$2,155.4 billion at the end of July 2024. The increase was mainly attributable to mark-to-market revaluation of investments and interest from investments, which were partly offset by the redemption of Certificates of Indebtedness. The Backing Ratio increased from 111.41% at the end of June 2024 to 112.07% at the end of July 2024.

Annex 1: Abridged Balance Sheet of the Exchange Fund
Annex 2: Currency Board Account

Hong Kong Monetary Authority
30 August 2024

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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 August 2024, the scheduled dates for issuing the press releases are as follows: