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。 ...

Group 1 - The Hong Kong Monetary Authority (HKMA) announced the results of the bidding for 3-year and 1-year RMB bonds issued by the Hong Kong Special Administrative Region government [1] - A total of 12.5 billion RMB in 3-year government bonds was launched, with total bids amounting to 80.72 billion RMB, resulting in a bid-to-cover ratio of 6.46 [1] - The average accepted price for the 3-year bonds was 100.03, yielding an annual interest rate of 1.585 basis points [1] Group 2 - A total of 15 billion RMB in 1-year government bonds was launched, with total bids amounting to 78.13 billion RMB, resulting in a bid-to-cover ratio of 5.21 [1] - The average accepted price for the 1-year bonds was 99.99, yielding an annual interest rate of 1.500 basis points [1]

Core Points - The Hong Kong Monetary Authority (HKMA) has conducted a bidding process for one-year and three-year RMB government agency bonds under its infrastructure bond program [1] - A total of 1.5 billion RMB one-year government bonds were issued, with total bids amounting to 7.813 billion RMB, resulting in a bid-to-cover ratio of 5.21 [1] - The average accepted price for the one-year bonds was 99.99, translating to an annual yield of 1.5% [1] - A total of 1.25 billion RMB three-year government bonds were issued, with total bids amounting to 8.072 billion RMB, resulting in a bid-to-cover ratio of 6.46 [1] - The average accepted price for the three-year bonds was 100.03, translating to an annual yield of 1.585% [1]

Group 1 - The Hong Kong Monetary Authority (HKMA) intervened in the market by purchasing HKD 13.282 billion due to the Hong Kong dollar reaching the weak side of the peg [1]

香港金融管理局总裁余伟文：8月底将推出人民币回购优化措施 智通财经7月8日电，香港金融管理局总裁余伟文7月8日在"债券通周年论坛2025"上表示，目前债券 通"北向通"参与者可使用合资格在岸债券作为抵押品，在香港进行人民币回购业务，未来将进一步拓展 人民币回购业务，支持再质押及跨境货币回购，结算与清算等操作安排将相应优化，预计将于8月底实 施。 ...

据香港金融管理局公布，香港于2025年6月底的官方外汇储备资产为4319亿美元（2025年5月底为4311亿 美元）。连同未交收外汇合约在内，香港于2025年6月底的外汇储备资产为4318亿美元（2025年5月底为 4310亿美元）。为数4319亿美元的外汇储备资产总额，相当于香港流通货币5倍多，或港元货币供应M3 约37%。 ...

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) intervened in the foreign exchange market for the second time in a day, purchasing a total of 127.56 billion HKD to defend the currency peg against the US dollar [1] Group 1 - The HKMA's intervention was triggered by the Hong Kong dollar's weakness, hitting the weak end of the trading band at 7.85 HKD per USD [1] - In total, the HKMA bought 296.34 billion HKD throughout the day, including an earlier purchase of 168.78 billion HKD [1] - As a result of these interventions, the liquidity in the Hong Kong banking system is expected to decrease to 1,145.41 billion HKD by the following Monday [1]

德国金融管理局：第四季度的调整将于九月底公布。 ...