Group 1 - The Hong Kong Monetary Authority (HKMA) intervened in the foreign exchange market on August 6, buying HKD 8.439 billion to defend the Hong Kong dollar's peg to the US dollar as it approached the weak end of the trading band at 7.85 [1] - Since the beginning of June, the HKMA has intervened 10 times, buying a total of HKD 109.529 billion to stabilize the currency after it shifted from a strong to a weak position [2] - The HKMA's actions are part of a long-standing currency peg system established in 1983, which allows the Hong Kong dollar to fluctuate between 7.75 and 7.85 against the US dollar [1][2] Group 2 - The recent weakness of the Hong Kong dollar is attributed to two main pressures: low interbank rates encouraging carry trades and a rising US dollar index since early July [2] - The HKMA noted that while liquidity has decreased, leading to a mild rise in interbank rates, they remain significantly lower than US rates, which continues to exert pressure on the Hong Kong dollar [2] - Analyst Lu Churen predicts that the weakness of the Hong Kong dollar may persist until the interbank rates rise above 2%, indicating that the current "currency defense battle" may continue until then [3]

据统计，香港金管局四次操作共计买入223.26亿港元，试图力保港元维持在7.75-7.85兑一美元的联系汇 率区间。8月6日，香港金管局在市场买入84.39亿港元。此前，8月5日，香港金管局在市场买入64.29亿 港元，8月1日买入35.33亿港元，7月31日买入39.25亿港元。 智通财经APP获悉，港汇触发7.85"弱方兑换保证"，香港金管局公布，8月6日港股收市后在市场买入 84.39亿港元，根据联系汇率机制，香港金管局按银行要求向市场沽出美元、买入港元，银行体系总结 余将于8月8日减少至640.62亿港元。 由于股市资金持续流出、本地利率维持低位，港元汇价触及弱方兑换保证，香港金管局在一周内四度入 市买入港元，力图稳住本币汇率。 ...

Group 1 - The core viewpoint of the article highlights the positive market response to the "Cross-Border Wealth Management Connect" 2.0 optimization measures since their implementation [1] - As of the end of June this year, over 160,000 individual investors have participated in the program, representing an increase of over 120% compared to version 1.0 [1] - The total market value of investments held by Hong Kong participating institutions in the southbound scheme has reached over 16 billion RMB, showing a twofold increase compared to "Cross-Border Wealth Management Connect" 1.0 [1] Group 2 - Investors in the southbound scheme are increasingly diversifying their product choices, moving from primarily deposit products to a growing allocation in funds and bonds [2]

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has purchased HKD 35.33 billion to defend the currency peg system [1] Group 1 - The action taken by the HKMA indicates a proactive approach to maintain the stability of the Hong Kong dollar against fluctuations in the foreign exchange market [1] - This intervention reflects the ongoing challenges faced by the currency due to external economic pressures [1] - The purchase amount signifies a significant commitment to uphold the currency's value and the integrity of the linked exchange rate system [1]

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) reported a significant increase in the foreign exchange fund's total assets and investment income for the first half of 2025, despite a challenging global investment environment [1][2]. Group 1: Financial Performance - As of June 30, 2025, the total assets of the foreign exchange fund reached HKD 42,971 billion, an increase of HKD 2,161 billion compared to the end of 2024 [1]. - The cumulative surplus of the foreign exchange fund stood at HKD 8,779 billion [1]. - The investment income for the first half of 2025 was HKD 1,944 billion, with bond investment income contributing HKD 753 billion, and stock investment income from Hong Kong and other sources totaling HKD 503 billion [1]. Group 2: Investment Environment - The first half of 2025 was marked by significant volatility in global financial markets due to trade barriers, geopolitical tensions, and the unpredictable stance of the U.S. government on economic policies [2]. - Despite the challenges, there was a recovery in global stock markets as negotiations on tariffs progressed, and the U.S. Federal Reserve maintained its monetary policy targets [2]. - The HKMA emphasized the importance of a cautious and flexible management approach to the foreign exchange fund, focusing on capital preservation and long-term value enhancement [2].

Core Insights - The Hong Kong Monetary Authority reported an investment income of HKD 194.4 billion for the first half of the year [1] Investment Income Breakdown - Bond investment income contributed HKD 75.3 billion [1] - Hong Kong stock investment income amounted to HKD 22.9 billion [1] - Other stock investment income was HKD 27.4 billion [1] - Foreign currency asset valuation adjustments added HKD 56.8 billion [1] - Other investment income totaled HKD 12 billion [1] Total Assets and Surplus - As of June 30, the total assets of the foreign exchange fund reached HKD 4,297.1 billion, an increase of HKD 216.1 billion compared to the end of 2024 [1] - The cumulative surplus of the fund stands at HKD 877.9 billion [1]

货币发行局帐目显示，2025年6月底的货币基础为21202亿港元，较2025年5月底减少47亿港元，减幅为 0.2%。货币基础减少，主要是由于在货币发行局制度下购买港元，但有关减幅因负债证明书总额增加 及已发行外汇基金票据及债券的折价摊销而被部分抵销。 2025年6月底的支持资产总额增加86亿港元至23648亿港元，增幅为0.4%。支持资产增加，主要是因为 利息收入、投资按市价重估及发行负债证明书，但有关增幅因在货币发行局制度下出售美元而被部分抵 销。支持比率由2025年5月底的110.88%，上升至2025年6月底的111.54%。 7月31日，香港金融管理局公布外汇基金资产负债表摘要及货币发行局帐目。截至2025年6月30日，外汇 基金总资产为42971亿港元，较2025年5月底增加1377亿港元，其中港元资产增加885亿港元，外币资产 增加492亿港元。 港元资产增加，主要是因为获认购而未交收的外汇基金票据及债券的月底余额增加。外币资产增加，主 要是因为利息收入、投资按市价重估及发行政府绿色债券所得的款项，但有关增幅因在货币发行局制度 下出售美元而被部分抵销。 ...

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) reported a strong performance of the Exchange Fund in the first half of 2025, with significant investment income despite a volatile global financial market influenced by trade tensions and geopolitical issues [1][2]. Group 1: Financial Performance - The Exchange Fund recorded an investment income of HKD 194.4 billion in the first half of 2025, with key components including bond investment income of HKD 75.3 billion, Hong Kong stock investment income of HKD 22.9 billion, and other stock investment income of HKD 27.4 billion [1]. - The total assets of the Exchange Fund reached HKD 4,297.1 billion by the end of June 2025, an increase of HKD 216.1 billion from the end of 2024, with cumulative surplus amounting to HKD 877.9 billion [1]. Group 2: Market Conditions - The global financial market experienced significant volatility due to rising trade barriers and geopolitical tensions, particularly after the U.S. government announced aggressive tariff measures in early April 2025, leading to a sharp decline in stock and bond markets [1]. - The S&P 500 index saw a decline of approximately 12% within a few days starting April 3, 2025, while the yield on 10-year U.S. Treasury bonds rose by 50 basis points to about 4.5% in a single week, marking the largest weekly change since the COVID-19 crisis in 2020 [1]. Group 3: Future Outlook - Despite the positive investment returns in the first half of 2025, the investment environment for the second half remains uncertain, with unpredictable U.S. trade policies potentially impacting international capital flows and corporate profitability [2]. - The HKMA plans to maintain a cautious and flexible management approach for the Exchange Fund, focusing on capital preservation and long-term value growth while ensuring high liquidity and diversified investments [3].

Core Viewpoint - The Monetary Authority of Singapore (MAS) has decided to maintain its monetary policy unchanged, following unexpected economic growth in the second quarter of Singapore [1] Group 1: Monetary Policy - MAS will keep the nominal effective exchange rate policy band's current appreciation pace unchanged [1] - The width and center of the policy band remain the same [1] - Earlier this year, MAS had already relaxed monetary policy twice to address medium-term price stability risks, indicating that the current policy is deemed appropriate [1] Group 2: Analyst Expectations - Among 12 analysts surveyed before the MAS meeting, six expected a loosening of monetary policy settings to address anticipated economic output gaps [1] - The other six analysts anticipated that there would be no changes to the policy [1]

新加坡金管局称，下半年新加坡的GDP增速预计将从上半年的强劲步伐中放缓；2025年整体而言，新加 坡的核心通胀率和整体通胀率预计平均为0.5%-1.5%。 新加坡金管局7月30日维持新加坡元名义有效汇率政策现行的斜率、宽度和中点不变。 ...