The total assets of Hong Kong's Exchange Fund rose 87.5 billion HK dollars (11.3 billion U.S. dollars) to 1.4261 trillion HK dollars (184 billion U.S. dollars) on Nov. 30 from a month earlier, revealed the Monetary Authority here Wednesday.
Among the Exchange Fund's total assets, foreign currency assets expanded 87 billion HK dollars (11.24 billion U.S. dollars) while the Hong Kong dollar assets rose 500 million HK dollars (64.58 million U.S. dollars), according to the Monetary Authority, Hong Kong's de facto central bank.
The Monetary Authority attributed the rise in foreign currency assets to purchases of foreign currencies with Hong Kong dollars and valuation gains on foreign currency investments.
The rise in Hong Kong dollar assets was mainly due to a rise in the balance of the banking system and placements received from fiscal reserves, which were substantially offset by the sale of Hong Kong dollars for foreign currencies and a decrease in bank borrowings.
The Currency Board Account showed Hong Kong's Monetary Base in November was 418.5 billion HK dollars (54 billion U.S. dollars), up 15.4 percent from October, mainly due to increases in the Aggregate Balance and the market value of Exchange Fund Bills and Notes outstanding.
Source: Xinhua
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