Assets at the Exchange Fund, which is used to back the Hong Kong dollar, totalled HK$3,071.0 billion ($396.26 billion) at the end of June, the Hong Kong Monetary Authority (HKMA) said on Thursday. The figure was HK$50.8 billion higher than the total at the end of May, with foreign currency assets rising HK$51.2 billion while Hong Kong dollar assets decreased by HK$0.4 billion, the city's de facto central bank said in a statement.
The HKMA said the rise in foreign currency assets was mainly due to valuation gains on foreign currency investments, the purchase of foreign currencies with Hong Kong dollars and an increase in unsettled purchases of securities.
The decline in Hong Kong dollar assets was mainly due to the sale of Hong Kong dollars for foreign currencies and fiscal drawdowns. These decreases were largely offset by an increase in Exchange Fund Bills and Notes issued but not yet settled.
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