Exchange Fund Abridged Balance Sheet and Currency Board Account

On Fri, 29 May, the Hong Kong Monetary Authority ("HKMA") reported that the Exchange Fund's total assets reached HK$4,354.0 billion as at 30 April 2026, an increase of HK$11.7 billion from March 2026, comprised of a HK$95.8 billion rise in foreign currency assets and a HK$84.1 billion decline in Hong Kong dollar assets.

Asset Composition and Variance Drivers

The appreciation in foreign currency assets is primarily attributable to investment interest income, mark-to-market revaluation, and higher unsettled purchase balances. In contrast, the reduction in Hong Kong dollar assets resulted from a decrease in the outstanding amount of Exchange Fund Bills and Notes issued but not yet settled at month-end.

Currency Board Account and Monetary Base

The Monetary Base stood at HK$2,072.2 billion at the end of April 2026, reflecting a growth of HK$7.2 billion (0.4%) from March, driven by Certificates of Indebtedness and the market value of Exchange Fund Bills and Notes. Backing Assets increased by HK$9.7 billion (0.4%) to HK$2,309.8 billion, supported by investment interest and Certificate issuances, partially offset by mark-to-market adjustments, resulting in a Backing Ratio of 111.47% compared to 111.39% previously.

Regulatory Disclosure and Schedule

The HKMA maintains transparency through four monthly press releases, three adhering to the IMF's Special Data Dissemination Standard ("SDDS") and one covering the Abridged Balance Sheet and Currency Board Account. For May 2026, the SDDS International Reserves and Analytical Accounts were issued on 7 May and 14 May respectively, with the SDDS Template and Exchange Fund Abridged Balance Sheet scheduled for 29 May.