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ECONOMY | Tony Chua, Hong Kong
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May Exchange Fund up $43.4bn

Hong Kong’s monetary base at the end of May down 0.5% to $1.05tn behind a decrease in Certificates of Indebtedness.

The total assets of the Exchange Fund amounted to $2.4901 trillion in May, up $43.4 billion on April.

The Monetary Authority said in a report that foreign currency assets increased by $11.1 billion and Hong Kong dollar assets rose by $32.3 billion.

The rise in foreign currency assets was mainly due to an increase in unsettled purchases of securities, which was partly offset by a decrease in Certificates of Indebtedness.

The increase in Hong Kong dollar assets was mainly due to a rise in Exchange Fund Bills and Notes issued but not yet settled, which was partly offset by fiscal drawdowns.

The Currency Board Account shows the Monetary Base at the end of May was $1.0499 trillion, down $5.3 billion, or 0.5%, on April, mainly due to a decrease in Certificates of Indebtedness.

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