Core Viewpoint - The Hong Kong Monetary Authority reported a decrease in total assets of the foreign exchange fund as of November 30, 2025, primarily due to a reduction in foreign currency assets and a slight decline in Hong Kong dollar assets [1] Group 1: Foreign Exchange Fund Assets - As of November 30, 2025, the total assets of the Hong Kong foreign exchange fund amounted to HKD 4,106.9 billion, a decrease of HKD 10.7 billion from the end of October 2025 [1] - The reduction in foreign currency assets was mainly attributed to a decrease in the month-end balance of securities purchased but not settled, partially offset by funds from the issuance of digital green bonds, RMB bonds from government agencies, interest income from investments, and revaluation of investments at market prices [1] - The decline in Hong Kong dollar assets was primarily due to the revaluation of Hong Kong stocks at market prices [1] Group 2: Monetary Base and Support Assets - The monetary base at the end of November 2025 was HKD 2,032.2 billion, an increase of HKD 5.5 billion, representing a growth rate of 0.3% compared to the end of October 2025 [1] - The increase in the monetary base was mainly due to the rise in the market value of outstanding foreign exchange fund notes and bonds, as well as an increase in the total amount of liability certificates [1] - The total amount of supporting assets rose by HKD 14.2 billion to HKD 224.13 billion, with a growth rate of 0.6%, driven by interest income from investments and revaluation of investments at market prices [1] - The support ratio increased from 109.89% at the end of October 2025 to 110.29% at the end of November 2025 [1]

Core Insights - The total assets of the foreign exchange fund as of July 31, 2025, amounted to HKD 4,102.6 billion, a decrease of HKD 194.5 billion compared to the end of June 2025 [1] - The decline in foreign currency assets was primarily due to the sale of US dollars and a decrease in the month-end balance of purchased but unsettled securities, although this was partially offset by interest income from investments [1] - The total monetary base as of July 31, 2025, was HKD 2,042.6 billion, reflecting a decrease of HKD 77.6 billion or 3.7% from the end of June 2025 [1] Summary by Category Foreign Exchange Fund Assets - As of July 31, 2025, the foreign exchange fund's total assets were HKD 4,102.6 billion, down HKD 194.5 billion from June 2025 [1] - Foreign currency assets decreased by HKD 106.1 billion, while Hong Kong dollar assets fell by HKD 88.4 billion [1] Monetary Base - The monetary base decreased by HKD 77.6 billion, representing a 3.7% decline from the previous month [1] - The reduction in the monetary base was mainly due to the purchase of Hong Kong dollars under the currency board system [1] Supporting Assets - Total supporting assets decreased by HKD 73.3 billion to HKD 229.15 billion, a reduction of 3.1% [1] - The supporting ratio increased from 111.54% at the end of June 2025 to 112.19% at the end of July 2025 [1]