Core Insights - The Hong Kong Monetary Authority (HKMA) reported an increase in the foreign exchange fund's overseas assets by HKD 50 billion, reaching HKD 3,509.1 billion as of October [1] - The monetary base is recorded at HKD 2,026.7 billion, which includes various components such as certificates of indebtedness, government-issued currency, bank reserves, and issued foreign exchange fund notes and bonds [1] - The total claims of the foreign exchange fund on the private sector in Hong Kong amount to HKD 313.4 billion, while total external liabilities stand at HKD 36.5 billion [1]

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) will continue to adhere to the principle of "capital preservation first, long-term value enhancement" while managing the foreign exchange fund cautiously and flexibly [1] Group 1: Investment Environment - The investment environment is positively influenced by central bank monetary policies, geopolitical situations, and the surge in artificial intelligence [1] - Major asset classes performed well, with major stock market indices reaching new highs during the third quarter [1] - Hong Kong stocks benefited from capital inflows, rising approximately 12% in the third quarter [1] Group 2: Bond Market - Despite the Federal Reserve's interest rate cuts in September, U.S. dollar bond yields remain high, providing decent interest income for the bond portfolio held by the foreign exchange fund [1] - The U.S. dollar strengthened against other major currencies in the third quarter, leading to some foreign exchange valuation adjustments for the foreign exchange fund's assets [1] - Overall, the foreign exchange fund recorded good investment income in the first nine months of 2025, with all major asset classes achieving positive returns [1] Group 3: Future Outlook - The investment environment for the remainder of 2025 remains highly uncertain [1] - While further interest rate cuts by the Federal Reserve may improve investment sentiment, concerns about the U.S. economic outlook will persist [1] - The impact of U.S. government trade policies, trade tensions, and fluctuating geopolitical situations on financial markets remains unpredictable [1]

Core Points - The Hong Kong Monetary Authority (HKMA) reported an increase of HKD 82 billion in foreign exchange fund assets as of September 30, 2025, bringing the total to HKD 4,152.2 billion [1][3] - The increase in HKD assets was attributed to the rise in the month-end balance of subscribed but unsettled foreign exchange fund notes and bonds, as well as the revaluation of Hong Kong stocks at market prices [1][3] - Conversely, foreign currency assets decreased by HKD 15.2 billion due to withdrawals from fiscal reserve deposits and a reduction in the month-end balance of purchased but unsettled securities, although this decline was partially offset by interest income from investments and market revaluation [1][3] Deposit Data - Total deposits from recognized institutions increased by 1.3% in September compared to August, with HKD deposits and foreign currency deposits rising by 1.4% and 1.3%, respectively [1][3] - From the beginning of the year to the end of September, total deposits and HKD deposits increased by 10.2% and 4.1%, respectively [1][3]

Core Insights - The total assets of the Hong Kong Monetary Authority's foreign exchange fund reached HKD 41,522 billion as of September 30, 2025, an increase of HKD 820 billion from the end of August 2025 [1] - The increase in HKD assets was primarily due to the rise in the month-end balance of foreign exchange fund notes and bonds, as well as the revaluation of Hong Kong stocks [1] - The decrease in foreign currency assets was mainly attributed to the withdrawal of fiscal reserve deposits and a reduction in the month-end balance of purchased but unsettled securities, although this decline was partially offset by interest income from investments and revaluation gains [1] Monetary Base and Support Assets - The monetary base as of September 30, 2025, was HKD 20,202 billion, reflecting an increase of HKD 60 billion or 0.3% from August 2025 [1] - The increase in the monetary base was mainly due to the rise in the total amount of liability certificates and the amortization of discounts on issued foreign exchange fund notes and bonds [1] - The total amount of supporting assets increased by HKD 70 billion to HKD 22,182 billion, also showing a growth of 0.3%, primarily driven by interest income from investments [1] - The support ratio improved slightly from 109.78% at the end of August 2025 to 109.80% at the end of September 2025 [1]

Group 1 - The Hong Kong Monetary Authority reported a decrease in the foreign exchange fund's overseas assets by 28.1 billion HKD, bringing the total to 345.91 billion HKD as of September 2025 [1] - The monetary base is recorded at 202.02 billion HKD, which includes liabilities certificates, government-issued currency, bank system balances, and issued foreign exchange fund notes and bonds [1] - The total amount of claims on the private sector in Hong Kong by the foreign exchange fund is 350 billion HKD, while total external liabilities amount to 33.6 billion HKD [1]

Core Insights - The total assets of the foreign exchange fund as of August 31, 2025, amounted to HKD 40,702 billion, a decrease of HKD 324 billion compared to the end of July 2025, with foreign currency assets decreasing by HKD 361 billion and Hong Kong dollar assets increasing by HKD 37 billion [1] Group 1 - The decrease in foreign currency assets is primarily attributed to the sale of US dollars under the currency board system [1] - The increase in Hong Kong dollar assets is mainly due to the revaluation of Hong Kong stocks at market price [1] Group 2 - As of August 31, 2025, the monetary base was HKD 20,142 billion, a reduction of HKD 284 billion, representing a decrease of 1.4% compared to the end of July 2025 [1] - The reduction in the monetary base is mainly due to the purchase of Hong Kong dollars under the currency board system, although this decrease was partially offset by an increase in the total amount of liability certificates [1] Group 3 - The total amount of supporting assets decreased by HKD 803 billion to HKD 22,112 billion, a decline of 3.5% [1] - The decrease in supporting assets is mainly due to the transfer of assets from the supporting portfolio to the investment portfolio as approved by the Foreign Exchange Fund Advisory Committee, as well as the sale of US dollars under the currency board system [1] - The support ratio fell from 112.19% at the end of July 2025 to 109.78% at the end of August 2025 [1]

Core Insights - The Hong Kong Monetary Authority (HKMA) reported a decrease in the foreign assets of the Exchange Fund by 52.6 billion HKD, bringing the total to 3,487.1 billion HKD as of the end of August 2025 [1] Summary by Categories Foreign Assets - The Exchange Fund's foreign assets decreased by 52.6 billion HKD in August [1] - The total foreign assets stood at 3,487.1 billion HKD at the end of August [1] Monetary Base - The monetary base was reported at 2,014.2 billion HKD, which includes certificates of indebtedness, government-issued currency notes and coins, bank system balances, and issued Exchange Fund bills and bonds [1] Private Sector Debt - The total debt owed by the Exchange Fund to the private sector in Hong Kong amounted to 329.6 billion HKD [1] External Liabilities - The total external liabilities of the Exchange Fund were reported at 31.7 billion HKD [1]

Core Insights - As of July 31, 2025, the total assets of Hong Kong's foreign exchange fund amounted to HKD 41,026 billion, a decrease of HKD 1,945 billion compared to June 30, 2025 [1] Summary by Categories Foreign Exchange Fund Assets - The foreign currency assets decreased by HKD 1,061 billion, while Hong Kong dollar assets decreased by HKD 884 billion [1] - The reduction in foreign currency assets was primarily due to the sale of US dollars and a decrease in the month-end balance of securities purchased but not settled, although this decline was partially offset by interest income from investments [1] - The decrease in Hong Kong dollar assets was mainly attributed to a reduction in the month-end balance of foreign exchange fund notes and bonds that were subscribed but not settled [1] Monetary Base - The monetary base as of July 31, 2025, was HKD 20,426 billion, reflecting a decrease of HKD 776 billion, or 3.7%, compared to June 30, 2025 [1] - The reduction in the monetary base was primarily due to the purchase of Hong Kong dollars under the currency board system [1] Supporting Assets - The total amount of supporting assets decreased by HKD 733 billion to HKD 22,915 billion, a decline of 3.1% [1] - The decrease in supporting assets was mainly due to the sale of US dollars under the currency board system, although this decline was also partially offset by interest income from investments [1] - The support ratio increased from 111.54% at the end of June 2025 to 112.19% at the end of July 2025 [1]

Core Insights - The Hong Kong Monetary Authority reported a decrease in the foreign exchange fund's overseas assets by 56.4 billion HKD, bringing the total to 3,539.8 billion HKD as of the end of July 2025 [1] - The monetary base is recorded at 2,042.6 billion HKD, which includes certificates of indebtedness, government-issued currency notes and coins, bank reserves, and issued foreign exchange fund bills and bonds [1] - The total claims of the foreign exchange fund on the private sector in Hong Kong amount to 317.6 billion HKD, while total external liabilities stand at 32.6 billion HKD [1]

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]