Friday, July 12, 2024

HKMA Reports Increase in Exchange Fund Foreign Assets in May 2024

Foreign Assets Surge

The Hong Kong Monetary Authority (HKMA) has announced a significant increase in the foreign assets of the Exchange Fund by the end of May 2024. According to the HKMA, the foreign assets, which represent the external assets of the Exchange Fund, rose by HK$7.8 billion, reaching a total of HK$3,468.0 billion.

Breakdown of the Monetary Base

The Monetary Base, which includes Certificates of Indebtedness, Government-issued currency notes and coins in circulation, the banking system’s balance, and Exchange Fund Bills and Notes issued, was reported at HK$1,919.0 billion. This comprehensive monetary base is a critical component of the financial stability and liquidity in Hong Kong.

Private Sector Claims and Liabilities

In addition to the foreign assets, the HKMA reported that claims on the private sector in Hong Kong amounted to HK$294.2 billion. Meanwhile, foreign liabilities were reported at HK$22.4 billion. These figures provide insights into the financial interactions and obligations within and outside Hong Kong.

Adherence to International Standards

The analytical accounts of the Exchange Fund are published following the International Monetary Fund’s Special Data Dissemination Standard (SDDS). These accounts are also known as the Analytical Accounts of the Central Bank under the SDDS framework. The transparency in reporting aligns with international best practices and aims to provide clear and accurate financial data to the public.

Scheduled Press Releases

The HKMA maintains a consistent schedule for releasing data related to the Exchange Fund. For June 2024, the HKMA has outlined the following dates for press releases:

7 June SDDS International Reserves (Hong Kong’s Latest Foreign Currency Reserve Assets Figures)
14 June SDDS Analytical Accounts of the Central Bank (Analytical Accounts of the Exchange Fund)
28 June SDDS Template on International Reserves and Foreign Currency Liquidity
28 June Exchange Fund Abridged Balance Sheet and Currency Board Account

These regular updates are part of the HKMA’s policy to maintain a high level of transparency and provide timely financial information to stakeholders.

For more detailed information, the full report by the Hong Kong Monetary Authority can be accessed here.

Image source: Shutterstock

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