Exchange Fund Abridged Balance Sheet and Currency Board Account

On Tue, 31 Mar, The Hong Kong Monetary Authority ("HKMA") notified that the Exchange Fund’s total assets amounted to HK$4,293.5 billion as of 28 February 2026, representing an increase of HK$7.9 billion compared to the end of January 2026.

Exchange Fund Asset Composition

Foreign currency assets rose by HK$47.4 billion, driven principally by interest income, mark-to-market revaluation, and the issuance of Certificates of Indebtedness. Conversely, Hong Kong dollar assets declined by HK$39.5 billion, primarily attributable to a reduction in placements with banks.

Currency Board Account Metrics

As at 28 February 2026, the Monetary Base stood at HK$2,071.5 billion, an increase of HK$12.8 billion (0.6%) from January. This growth resulted from increased Certificates of Indebtedness outstanding and the amortisation of discounts on Exchange Fund Bills and Notes. Backing Assets increased by HK$26.1 billion (1.1%) to HK$2,306.0 billion, attributable to CoI issuance, investment revaluation, and interest income. The Backing Ratio improved from 110.74% in January to 111.32% in February.

Disclosure Policy and Publication Schedule

Reference was made to Annex 1 (Abridged Balance Sheet) and Annex 2 (Currency Board Account). The HKMA issues four monthly press releases; three comply with the IMF’s Special Data Dissemination Standard ("SDDS"), while the fourth adheres to HKMA transparency policy regarding the Abridged Balance Sheet and Currency Board Account. Scheduled release dates for March 2026 include: 6 March (SDDS International Reserves [Hong Kong’s Latest Foreign Currency Reserve Assets Figures], Issued); 13 March (SDDS Analytical Accounts of the Central Bank [Analytical Accounts of the Exchange Fund], Issued); and 31 March (SDDS Template on International Reserves and Foreign Currency Liquidity; Exchange Fund Abridged Balance Sheet and Currency Board Account).