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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announced today (November 30) that the total assets of the Exchange Fund amounted to HK$2,612.3 billion as at October 31, 2012.
The figure is included in the Exchange Fund Abridged Balance Sheet, which is released monthly together with the Currency Board Account.
At the end of October 2012 the total assets of the Exchange Fund, at HK$2,612.3 billion, were HK$34.1 billion lower than at the end of September 2012. Foreign currency assets decreased by HK$11.5 billion and Hong Kong dollar assets decreased by HK$22.6 billion.
The decline in foreign currency assets was mainly due to a decrease in Certificates of Indebtedness and valuation losses on foreign currency investments. These decreases were partly offset by purchases of foreign currencies with Hong Kong dollars.
The decline in Hong Kong dollar assets was mainly due to a decrease in Exchange Fund Bills and Notes issued but not yet settled which was partly offset by valuation gains on Hong Kong equities.
The Currency Board Account shows that the Monetary Base at the end of October 2012 was HK$1,113.0 billion, an increase of HK$7.9 billion, or 0.7%, from the end of September 2012. The rise was due mainly to an increase in the Aggregate Balance, which was partly offset by a decrease in Certificates of Indebtedness.
The Backing Assets increased by HK$6.7 billion, or 0.6%, to HK$1,210.5 billion. The increase was attributable mainly to an increase in the Aggregate Balance and interest from investments, which were partly offset by the redemption of Certificates of Indebtedness and revaluation losses. The backing ratio decreased from 108.94% at the end of September 2012 to 108.76% at the end of October 2012.
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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 November 2012, the scheduled dates for issuing the press releases are as follows:
November 7 (Issued)
SDDS International Reserves
(Hong Kong's Latest Foreign Currency Reserve Assets Figures)
November 14 (Issued)
SDDS Analytical Accounts of the Central Bank
(Analytical Accounts of the Exchange Fund)
November 30
Exchange Fund Abridged Balance Sheet and Currency Board Account
November 30
SDDS Template on International Reserves and Foreign Currency Liquidity
Ends/Friday, November 30, 2012
Issued at HKT 18:36
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