Exchange Fund Abridged Balance Sheet and Currency Board Account

The Hong Kong Monetary Authority ("HKMA") released data on January 30, 2026, detailing the Exchange Fund's total assets as of December 2025. The total assets stood at HK$4,151.4 billion, representing a HK$44.4 billion increase compared to the end of November 2025. This growth was predominantly driven by a HK$23.7 billion rise in Hong Kong dollar assets, primarily due to increased placements with banks, and a HK$20.7 billion rise in foreign currency assets, mainly attributed to higher currency swap and interest income, which was partially offset by reduced unsettled securities purchase balances.

The Monetary Base, as indicated in the Currency Board Account data, was HK$2,040.0 billion at the end of December 2025, marking a HK$7.8 billion or 0.4% increase from the previous month. This increase is largely attributed to rises in the market value of Exchange Fund Bills, Notes, and Certificates of Indebtedness.

The Backing Assets increased by HK$9.6 billion, or 0.4%, to HK$2,250.9 billion by the end of December 2025. This increase was primarily driven by interest income from investments and the issuance of Certificates of Indebtedness. Consequently, the Backing Ratio rose from 110.29% in November 2025 to 110.34% in December 2025.

The figures provided are unaudited, as the Exchange Fund's annual financial statements are currently undergoing an audit by the Director of Audit. The HKMA has underscored its commitment to transparency by issuing four press releases monthly, including those for the Exchange Fund’s Abridged Balance Sheet and Currency Board Account. For January 2026, the scheduled release dates are January 7 for the latest foreign currency reserve assets figures, January 14 for the analytical accounts of the Exchange Fund, and January 30 for the SDDS template on international reserves and foreign currency liquidity.