November 30, 2016 / 8:50 AM / in a year

Hong Kong Exchange Fund assets HK$3.59 trln end-Oct -HKMA

Nov 30 (Reuters) - Assets at the Exchange Fund, which is used to back the Hong Kong dollar, totalled HK$3,593.4 billion ($463.35 billion) at the end of October, the Hong Kong Monetary Authority (HKMA) said on Wednesday.

The figure was HK$19.6 billion higher than the total at the end of September, with foreign currency assets and Hong Kong dollar assets rising HK$7.3 billion and HK$12.3 billion respectively, the city’s de facto central bank said in a statement.

The HKMA said the rise in foreign currency assets was mainly due to an increase in unsettled purchases of securities, which was partly offset by mark-to-market losses on foreign currency portfolios. The rise in Hong Kong dollar assets was mainly due to additional placements from fiscal reserves, which was partly offset by a decrease in bank borrowings. ($1 = 7.7552 Hong Kong dollars) (Reporting by Twinnie Siu in HONG KONG; Editing by Sunil Nair)

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