Hong Kong Exchange Fund assets HK$3.17t end-October: HKMA
[HONG KONG] Assets at the Exchange Fund, used to back the Hong Kong dollar, totalled HK$3,170.5 billion (US$408.95 billion) at the end of October, the Hong Kong Monetary Authority (HKMA) said on Friday.
The total was HK$44.1 billion lower than at the end of September, with foreign currency assets and Hong Kong dollar assets falling HK$7.6 billion and HK$36.5 billion respectively, the city's de facto central bank said in a statement.
The HKMA said the decline in foreign currency assets was mainly due to a decrease in unsettled purchases of securities and the redemption of Certificates of Indebtedness. These decreases were partly offset by increased holdings of foreign currency deposits.
The decline in Hong Kong dollar assets was mainly due to decreases in Exchange Fund Bills and Notes issued but not yet settled and bank borrowings. These decreases were partly offset by placements received from the fiscal reserves and valuation gains on Hong Kong equities.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Europe’s rush for rate cuts shifts global market power away from US
China’s push for greener aluminium hit by erratic rains, power cuts
Saudi crown prince to visit Japan
JPMorgan says India index inclusion on track, clients ready
Japan’s consumer spending extends declines as outlook weakens
World Bank sees economies reducing dependence on Russia for energy, on China for supply chains