Core Points - The total assets of the foreign exchange fund as of October 31, 2025, amount to HKD 41,176 billion, a decrease of HKD 346 billion compared to the end of September 2025 [1] - The decrease in HKD assets is primarily due to a reduction in the month-end balance of subscribed but unsettled foreign exchange fund notes and bonds, as well as a revaluation of Hong Kong stocks at market price [1] - Foreign currency assets increased by HKD 580 billion, mainly due to an increase in the month-end balance of purchased but unsettled securities and interest income from investments [1] Monetary Base - The monetary base at the end of October 2025 is HKD 20,267 billion, an increase of HKD 65 billion, representing a growth rate of 0.3% compared to the end of September 2025 [1] - The increase in the monetary base is attributed to a rise in the total amount of liability certificates and the amortization of discounts on issued foreign exchange fund notes and bonds [1] Supporting Assets - The total amount of supporting assets increased by HKD 90 billion to HKD 22,271 billion, with a growth rate of 0.4% [1] - The increase in supporting assets is mainly due to interest income from investments [1] - The supporting ratio rose from 109.80% at the end of September 2025 to 109.89% at the end of October 2025 [1]

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]

Core Insights - The total assets of the Exchange Fund reached HKD 42,971 billion as of June 30, 2025, an increase of HKD 1,377 billion from the end of May 2025, with HKD assets rising by HKD 885 billion and foreign currency assets increasing by HKD 492 billion [1] Group 1: Exchange Fund Assets - The increase in HKD assets was primarily due to the month-end balance of Exchange Fund notes and bonds that were subscribed but not settled [1] - The rise in foreign currency assets was mainly attributed to interest income, market value revaluation of investments, and proceeds from the issuance of government green bonds, although this increase was partially offset by the sale of US dollars under the Currency Board system [1] Group 2: Currency Issuance Accounts - As of June 30, 2025, the monetary base was HKD 21,202 billion, a decrease of HKD 47 billion or 0.2% from the end of May 2025, primarily due to the purchase of HKD under the Currency Board system [1] - The decrease in the monetary base was partially offset by an increase in the total amount of liability certificates and the amortization of discounts on issued Exchange Fund notes and bonds [1] Group 3: Supporting Assets - The total amount of supporting assets increased by HKD 86 billion to HKD 23,648 billion, representing a growth of 0.4%, driven by interest income, market value revaluation of investments, and the issuance of liability certificates [1] - The supporting ratio rose from 110.88% at the end of May 2025 to 111.54% at the end of June 2025 [1]