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Hong Kong's exchange fund rises to $225.6b

(Xinhua)
Updated: 2009-07-01 14:15

The assets of Hong Kong's Exchange Fund stood at HK$1.76 trillion($225.6 billion) at the end of May, up HK$114.7 billion($14.7 billion) from a month earlier, the Hong Kong Monetary Authority said Tuesday.

Foreign currency assets grew by HK$98.1 billion in May thanks to purchases of foreign currencies with HK dollars and valuation gains on foreign currency investments, the Monetary Authority said.

Related readings:  Hong Kong's exchange fund hits HK$1.64t in April  Exchange Fund recoups Q1 HK$33.5b loss HK's Exchange Fund records huge losses

The Hong Kong dollar assets rose by HK$16.6 billion thanks to a rise in the balance of the banking system and valuation gains on HK dollar equities.

The monetary base rose 11.5 percent from a month earlier to hit HK$690.3 billion mainly due to an increase in the aggregate balance.

The backing assets rose 10.7 percent to HK$733.9 billion, while the backing ratio fell from 107.13 percent to 106.32 percent.

The Exchange Fund has been the holder of the backing to the note issue of Hong Kong since its establishment. More resources were put in the fund, which had gradually come to be slightly more actively managed over the past decade or so.