The Hong Kong Monetary Authority ("HKMA") released the Exchange Fund Abridged Balance Sheet and Currency Board Account for November 2025. Total assets decreased to HK$4,106.9 billion, primarily due to a decline in foreign currency assets. The Currency Board Account shows an increase in the Monetary Base and Backing Assets, with the Backing Ratio rising to 110.29%. Press releases are issued monthly in accordance with IMF standards and HKMA policy.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On December 31, 2025, the Hong Kong Monetary Authority ("HKMA") reported a total Exchange Fund asset amount of HK$4,106.9 billion as of November 30, 2025, representing a decline of HK$10.7 billion from the previous month, October 2025. The decrease was attributed primarily to a reduction in foreign currency assets, which declined by HK$9.9 billion, and Hong Kong dollar assets, which decreased by HK$0.8 billion.
The HKMA attributed the decrease in foreign currency assets to a reduction in unsettled purchase of securities and mark-to-market adjustments, partly offset by proceeds from Digital Green Bonds and RMB Institutional Government Bonds, interest income, and other investment revaluations. The decline in Hong Kong dollar assets was due to the revaluation of Hong Kong equities.
The Monetary Base, as recorded in the Currency Board Account at the end of November 2025, stood at HK$2,032.2 billion, an increase of HK$5.5 billion or 0.3% from the previous month. This growth was primarily due to an increase in the market value of Exchange Fund Bills and Notes outstanding, and the Certificates of Indebtedness.
The backing assets increased by HK$14.2 billion or 0.6% to HK$2,241.3 billion by the end of November 2025, mainly due to interest income and revaluation of investments. As a result, the backing ratio improved from 109.89% to 110.29% by the end of November.
In accordance with its commitment to transparency and data dissemination, the HKMA releases four press releases each month pertaining to the Exchange Fund’s data. Three of these releases adhere to the International Monetary Fund’s Special Data Dissemination Standard ("SDDS") for monetary data dissemination. The fourth release provides information on the Exchange Fund’s Abridged Balance Sheet and Currency Board Account. The scheduled dates for the press releases in December 2025 are as follows:
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