Press Release
Exchange Fund Balance Sheet Data
The Hong Kong Monetary Authority (HKMA) released today (14 December) key data on the balance sheet of the Exchange Fund at end-November 1999, reporting a decrease of HK$8.2 billion in the foreign assets of the Exchange Fund during the month.
Foreign assets, representing the external assets of the Exchange Fund, amounted to HK$655.6 billion. The decrease reflected primarily the valuation effect of foreign currency investments and the conversion of foreign currency securities in the external assets into foreign currency deposits with local banks (which does not count towards foreign assets).
The Monetary Base, comprising Certificates of Indebtedness and coins issued, the Aggregate Balance of the banking system and Exchange Fund Bills and Notes issued, amounted to HK$202.5 billion.
Claims on the private sector in Hong Kong amounted to HK$89.0 billion. The increase of HK$37.3 billion reflected primarily proceeds from the sale of Hong Kong equities through the Tracker Fund deposited with banks in Hong Kong.
The balance sheet data of the Exchange Fund are released on a monthly basis in accordance with the International Monetary Fund's Special Data Dissemination Standard (SDDS) and are referred to as the Analytical Accounts of the Central Bank under SDDS (Annex 1).
Hong Kong Monetary Authority
14 December 1999
Monetary Claims on the Claims on the Foreign Foreign
Base(1) Hong Kong SAR Private Sector Assets(4) Liabilities(5)
Government(2) in Hong Kong(3)
31 Jan 1999 196,520 0 80,078 655,955 310
28 Feb 1999 203,042 0 71,566 661,465 46
31 March 1999 199,433 0 68,142 r 655,862 25
30 April 1999 198,256 0 60,145 656,843 20
31 May 1999 197,281 0 57,826 652,107 8
30 June 1999 196,479 0 62,106 645,393 35
31 July 1999 196,041 0 48,389 654,866 47
31 August 1999 196,568 0 54,623 655,054 40
30 September 1999 200,768 0 55,914 662,831 489
31 October 1999 199,145 0 51,748 663,782 44
30 November 1999 202,546 0 89,020 655,569 43
r - revised figure
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(1) The Monetary Base comprises Certificates of Indebtedness (for backing the currency notes) and coins issued, the Aggregate Balance of the banking system and Exchange Fund Bills and Notes issued.
(2) Claims on the Hong Kong SAR Government refer to any lending to the Government.
(3) Claims on the Private Sector in Hong Kong include bank deposits and investments in debt securities issued by public sector entities in Hong Kong held by the Exchange Fund.
(4) Foreign Assets represent the external assets of the Exchange Fund and exclude foreign currency deposits placed with banks in Hong Kong.
(5) Foreign Liabilities include margin payable on securities transactions, fees payable to the Exchange Fund's external managers and obligations under repurchase agreements.
Hong Kong Monetary Authority
14 December 1999
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