Exchange Fund total assets surges by $43bln

Foreign currency assets grew $24.2bln behind gains on foreign currency investments.

The total assets of the Exchange Fund amounted to $2.276 trillion on August 31, up $43.9 billion on the end of July.

Foreign currency assets grew by $24.2 billion and Hong Kong dollar assets rose $19.7 billion.

The Monetary Authority on Thursday said the rise in foreign currency assets was mainly due to increases in unsettled purchases of securities and valuation gains on foreign currency investments.

The rise in Hong Kong dollar assets was mainly due to an increase in Exchange Fund Bills and Notes issued but not yet settled, which was partly offset by valuation losses on Hong Kong equities and fiscal drawdowns.

The currency board account shows the monetary base at the end of August was $1.0251 trillion, showing a rise of 0.02% on the end of July.

The climb was mainly due to an increase in market value of Exchange Fund Bills and Notes outstanding which was substantially offset by a drop in Certificates of Indebtedness.

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