The Hong Kong Monetary Authority Monday announced that the city's total assets of the Exchange Fund amounted to 3,020.2 billion HKD (389.70 billion USD) as of May 31, 2014, 29.8 billion HKD lower than that at the end of April 2014.

 

Foreign currency assets decreased by 15.3 billion HKD and Hong Kong dollar assets decreased by 14.5 billion HKD

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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 drawdown’s 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 HKD, up by 2.0 billion HKD, 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 HKD, or 0.2 percent, to 1,356.9 billion HKD. The rise was attributable to an increase in assets connected with the issuance of additional certificates of indebtedness and revaluation gains.

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