The total assets of Hong Kong's Exchange Fund fell by HK$83.2 billion from a month ago to HK$4.09 trillion as of the end of March, with foreign currency assets down by HK$114.5 billion while Hong Kong dollar assets up by HK$31.3 billion, according to the Hong Kong Monetary Authority. The decline in foreign currency assets was mainly due to the mark-to-market revaluation on foreign currency investments and a decrease in unsettled purchases of securities, while 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 withdrawals of placements by fiscal reserves and a decrease in the market value of Hong Kong equities, the HKMA, said. Hong Kong's monetary base at the end of March was HK$1.68 trillion, sliding HK$6.7 billion, or 0.4 percent from a month ago, mainly due to a decrease in the outstanding amount of certificates of indebtedness, said the HKMA.

Source: The Standard April 29, 2020 10:18 UTC