The Hong Kong Monetary Authority published the Exchange Fund Abridged Balance Sheet and Currency Board Account for end-November 2025, showing total Exchange Fund assets of HKD 4,106.9 billion, down HKD 10.7 billion from end-October. Over the same period, the Monetary Base increased 0.3% to HKD 2,032.2 billion and Backing Assets rose 0.6% to HKD 2,241.3 billion, lifting the Backing Ratio from 109.89% to 110.29%. Foreign currency assets decreased by HKD 9.9 billion, mainly reflecting lower month-end balances of unsettled purchases of securities, partly offset by proceeds from the issuance of Digital Green Bonds and RMB Institutional Government Bonds, interest income, and mark-to-market gains. Hong Kong dollar assets fell by HKD 0.8 billion, mainly due to mark-to-market revaluation of Hong Kong equities. The increase in the Monetary Base was mainly driven by higher market value of Exchange Fund Bills and Notes outstanding and a higher outstanding amount of Certificates of Indebtedness, while the rise in Backing Assets was mainly attributable to interest income and mark-to-market revaluation of investments. The HKMA also reiterated its monthly Exchange Fund data release cycle, comprising three releases under the International Monetary Fund’s Special Data Dissemination Standard and a fourth on the Exchange Fund’s abridged balance sheet and Currency Board Account.
Hong Kong Monetary Authority reports Exchange Fund assets fell to HKD 4,106.9 billion and backing ratio rose to 110.29% at end-November 2025
The Hong Kong Monetary Authority released the Exchange Fund Abridged Balance Sheet and Currency Board Account for November 2025, noting a decrease in total Exchange Fund assets to HKD 4,106.9 billion. The Monetary Base increased by 0.3% to HKD 2,032.2 billion, and Backing Assets rose by 0.6% to HKD 2,241.3 billion, raising the Backing Ratio to 110.29%. Foreign currency assets fell by HKD 9.9 billion, while Hong Kong dollar assets decreased by HKD 0.8 billion, driven by market revaluations and bond issuances.