The Exchange Fund's total assets amounted to $1.41 trillion on November 30, up $24.5 billion in October, the Monetary Authority says.

Foreign-currency assets rose $39.9 billion while Hong Kong dollar assets fell $15.4 billion.

The rise in foreign-currency assets was due mainly to valuation gains on foreign-currency investments, interest and dividend income from foreign-currency assets, purchases of foreign currencies with Hong Kong dollars and an increase in Certificates of Indebtedness. The rises were partly offset by a fall in securities purchased but settled in the following month.

The fall in Hong Kong dollar assets was due mainly to the sale of Hong Kong dollars for foreign currencies and valuation losses of Hong Kong equities held by the Exchange Fund, which were partly offset by placements from fiscal reserves and a rise in the banking system's balance.

Backing Assets rose $16.4 billion or 4.9%, to $349.6 billion. The rise was attributable mainly to an increase in the Aggregate Balance and issuance of Certificates of Indebtedness in the Monetary Base together with revaluation gains and interest from investments. The backing ratio rose to 110.98% in November, from 109.77% in October.

The Monetary Base was $315 billion in November, up $11.4 billion or 3.8%. The rise was due mainly to increases in the Aggregate Balance, Certificates of Indebtedness and the market value of Exchange Fund Bills and Notes outstanding.