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.

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