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The Exchange Fund's total assets rose $14.2 billion to $1.13 trillion at the end of August, the Monetary Authority says. Both foreign currency assets and Hong Kong dollar assets grew by $11.3 billion and $2.9 billion.
The increase in foreign currency assets was due mainly to the valuation of foreign currency investments, interest and dividend income from foreign currency assets. These were partly offset by redemption of Certificates of Indebtedness.
The rise in Hong Kong dollar assets was due mainly to an increase in bank borrowings and valuation of Hong Kong equities held by the Exchange Fund, which were partly offset by fiscal drawdowns.
The Currency Board Account shows that the Monetary Base at the end of August was $287.7 billion, up $500 million, or 0.2%. The rise was due mainly to an increase in the market value of Exchange Fund bills and notes outstanding, which was partly offset by a fall in Certificates of Indebtedness.
Backing assets rose $2.4 billion, or 0.8%, to $319.2 billion. The rise was attributable mainly to interest from investments and revaluation gains, which were partly offset by the redemption of Certificates of Indebtedness in the Monetary Base. Reflecting this, the backing ratio grew from 110.3% in July to 110.95% in August.
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