The Exchange Fund's total assets amounted to $1.4261 trillion on November 30, a rise of $87.5 billion on October, with foreign currency assets up $87 billion and Hong Kong dollar assets gaining $500 million.

The Monetary Authority said today the rise in foreign currency assets was mainly due to purchases of foreign currencies with Hong Kong dollars and valuation gains on foreign currency investments.

The rise in Hong Kong dollar assets was mainly due to a rise in the balance of the banking system and placements received from fiscal reserves, which were substantially offset by the sale of Hong Kong dollars for foreign currencies and a decrease in bank borrowings.

The Currency Board Account showed the Monetary Base in November was $418.5 billion, up $55.7 billion, or 15.4% on October. The rise was mainly due to increases in the Aggregate Balance and the market value of Exchange Fund Bills and Notes outstanding.

Backing Assets grew by $64.7 billion, or 16.4%, to $460.8 billion. The increase was attributable mainly to an increase in the Monetary Base's Aggregate Balance and revaluation gains and interest from investments.

Reflecting this, the backing ratio rose from 109.15% in October to 110.09% in November.