Funds News
- HK exchange fund up 1.4% in assets in July
Date: 3-Sep-2007 Sources: (Xinhua Online)
HONG KONG, Aug. 31 (Xinhua) -- Total assets of Hong Kong's Exchange Fund added 17.6 billion HK dollars, or 1.4 percent, in July, amounting to 1,274.5 billion HK dollars (163.4 billion U.S. dollars) on July 31, the Monetary Authority announced Friday.
The increase consists of a growth of 5.2 billion HK dollars in foreign currency assets and a rise of 12.4 billion HK dollars in the Hong Kong dollar assets.
The rise in foreign currency assets was attributed to valuation gains on foreign currency investments and interest and dividend from foreign currency assets, which were partly offset by redemption of certificates of indebtedness, the Monetary Authority said in a report.
The rise in HK dollar assets was due mainly to valuation gains of Hong Kong equities held by the exchange fund and an increase in exchange fund bills and notes issued but not yet settled, which were partly offset by fiscal draw downs.
The monetary base at the end of July was 296.9 billion HK dollars, representing a decrease of 1.6 billion HK dollars, or 0.5percent, from the end of June 2007.
The backing assets increased by 1.5 billion HK dollars, or 0.4 percent, to 333.6 billion HK dollars, pushing the backing ratio to rise to 112.39 percent from 111.28 percent at the end of the previous month. (7.8 HK dollars = 1 U.S. dollar)
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