Arab Today, arab today hong kongs total assets of exchange fund top 3020bn hkd
Last Updated : GMT 18:33:13
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Hong Kong's total assets of exchange fund top 3,020bn HKD

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Arab Today, arab today Hong Kong's total assets of exchange fund top 3,020bn HKD

The total assets of Hong Kong
Hong Kong - XINHUA

The Hong Kong Monetary Authority Monday announced that the city's total assets of the Exchange Fund amounted to 3,020.2 billion HK dollars (389.70 billion U.S. dollars) as of May 31, 2014, 29.8 billion HK dollars lower than that at the end of April 2014.
Foreign currency assets decreased by 15.3 billion HK dollars and Hong Kong dollar assets decreased by 14.5 billion HK dollars.
The decline in foreign currency assets was mainly due to a decrease in unsettled purchases of securities, which was partly offset by the purchase of foreign currencies with Hong Kong dollars and valuation gains on foreign currency investments.
The decline in Hong Kong dollar assets was mainly due to fiscal drawdowns and the sale of Hong Kong dollars for foreign currencies. These decreases were partly offset by valuation gains on Hong Kong equities.
The Currency Board Account shows that the monetary base at the end of May 2014 was 1,260.7 billion HK dollars, up by 2.0 billion HK dollars, or 0.2 percent, from the end of April 2014. The rise was due to an increase in the outstanding amount of certificates of indebtedness.
The amount of backing assets increased by 3.2 billion HK dollars, or 0.2 percent, to 1,356.9 billion HK dollars. The rise was attributable to an increase in assets connected with the issuance of additional certificates of indebtedness and revaluation gains.
The backing ratio increased from 107.54 percent at the end of April 2014 to 107.63 percent at the end of May 2014. (1 U.S. dollar = 7.75 HK dollars)

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