The Exchange Fund's total assets surged $22.8 billion to $1.075 trillion. Foreign currency assets rose $12.8 billion while Hong Kong dollar assets rose $10 billion, the Monetary Authority says.

The rise in foreign currency assets was due mainly to valuation gains on foreign currency investments, income from foreign currency assets and an increase in securities purchased but settled in the following month, which were partly offset by a decrease in Certificates of Indebtedness.

The increase in Hong Kong dollar assets was due mainly to placements received from fiscal reserves and valuation gains in the market value of Exchange Fund-held Hong Kong equities, which were partly offset by a decrease in bank borrowings.

The Monetary Base at the end of November was $276.9 billion, down $1.3 billion, or 0.5%, from the end of October. The drop was due mainly to a drop in Certificates of Indebtedness, which was partly offset by a rise in the market value of Exchange Fund Bills and Notes outstanding.

Backing Assets fell 0.2%, to $309 billion. The drop was attributable mainly to the corresponding decrease in Certificates of Indebtedness in the Monetary Base, which was partly offset by income from investments and revaluation gains.