The Hong Kong Monetary Authority published the Exchange Fund Abridged Balance Sheet and Currency Board Account for 31 December 2025, showing total Exchange Fund assets of HKD 4,151.4 billion, up HKD 44.4 billion from end-November. The Currency Board Account recorded a Monetary Base of HKD 2,040.0 billion and Backing Assets of HKD 2,250.9 billion, lifting the Backing Ratio to 110.34%. Hong Kong dollar assets rose HKD 23.7 billion mainly on higher placements with banks, while foreign currency assets increased HKD 20.7 billion largely reflecting higher currency swaps, interest income and mark-to-market revaluation, partly offset by lower month-end balances of unsettled purchases of securities. The Monetary Base grew HKD 7.8 billion (0.4%), driven by higher market value of Exchange Fund Bills and Notes outstanding and more Certificates of Indebtedness; Backing Assets rose HKD 9.6 billion (0.4%) mainly from investment interest income and issuance of Certificates of Indebtedness, partly offset by mark-to-market revaluation. The HKMA noted the figures are unaudited and that the Director of Audit’s audit of the Exchange Fund’s annual financial statements is in progress.

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