HKSAR Government releases Infrastructure Bond Report 2025
The Government released today (December 12) the Infrastructure Bond Report 2025, which sets out the allocation of the proceeds raised from infrastructure bond issuances. Since the establishment of the infrastructure bond programme, the Government has issued infrastructure bonds totaling around HK$105.2 billion equivalent (up to March 31, 2025), with an aim of leveraging market capital to support infrastructure works projects and fostering the development of the bond market.
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The Infrastructure Bond Report 2025 provides comprehensive information on the allocation of proceeds raised from the Infrastructure Bond Programme. The funds raised are credited to the Capital Works Reserve Fund for investment in infrastructure projects, such as accelerating the development of the Northern Metropolis, to facilitate the early completion of projects for the good of the economy and people's livelihood, thereby enhancing Hong Kong's competitiveness. Infrastructure bonds also provide a safe and reliable investment option with steady returns for the public, as well as a greater 'sense of participation' and 'sense of gain' in support of infrastructure projects for Hong Kong's long-term development."
The proceeds raised by the Government through issuances of infrastructure bonds have been fully allocated or earmarked for infrastructure projects, including 10 major infrastructure projects in the Northern Metropolis, such as San Tin Technopole (including the Loop), Kwu Tung North/Fanling North New Development Area (NDA), Hung Shui Kiu/Ha Tsuen NDA and Yuen Long South NDA.
The Infrastructure Bond Report 2025 has been uploaded to the Government Bonds website atwww.hkgb.gov.hk/en/infrastructurebond/infrastructurebondreport.html.
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Analytical Accounts of Exchange Fund
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) released today (December 12) the key analytical accounts of the Exchange Fund at the end of November 2025.
Foreign assets, representing the external assets of the Exchange Fund, increased during the month by HK$28.9 billion to HK$3,538.0 billion.
The Monetary Base, comprising Certificates of Indebtedness, Government‑issued currency notes and coins in circulation, the balance of the banking system and Exchange Fund Bills and Notes issued, amounted to HK$2,032.2 billion.
Claims on the private sector in Hong Kong amounted to HK$313.6billion.
Foreign liabilities amounted to HK$35.8 billion.
The analytical accounts of the Exchange Fund are released in accordance with the International Monetary Fund's Special Data Dissemination Standard (SDDS) and are referred to as the Analytical Accounts of the Central Bank under SDDS (Annex).
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At present, four press releases relating to the Exchange Fund's data are issued by the HKMA each month. Three of these releases are issued to disseminate monetary data in accordance with the International Monetary Fund's SDDS. The fourth press release, on the Exchange Fund's Abridged Balance Sheet and Currency Board Account, is made in accordance with the HKMA's policy of maintaining a high level of transparency. For the month of December 2025, the scheduled dates for issuing the press releases are as follows:
December 5
(Issued) |
SDDS International Reserves
(Hong Kong's Latest Foreign Currency Reserve Assets Figures) |
December 12 |
SDDS Analytical Accounts of the Central Bank
(Analytical Accounts of the Exchange Fund) |
December 31 |
SDDS Template on International Reserves and
Foreign Currency Liquidity |
December 31 |
Exchange Fund Abridged Balance Sheet and
Currency Board Account |
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