HKMA Reports Exchange Fund Assets Decline to HK$4.1 Trillion as of November 2025

Exchange Fund Abridged Balance Sheet and Currency Board Account

The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Monetary Authority (HKMA) announced today (December 31) that the total assets of the Exchange Fund amounted to HK$4,106.9billion as at November 30, 2025, HK$10.7 billion lower than that at the end of October 2025. Foreign currency assets decreased by HK$9.9 billion and Hong Kong dollar assets decreased by HK$0.8 billion.

The decline in foreign currency assets was mainly due to a reduction in the month-end balances of unsettled purchase of securities, which was partly offset by proceeds from the issuance of Digital Green Bonds and RMB Institutional Government Bonds, interest income and mark-to-market revaluation of investments. The decline in Hong Kong dollar assets was mainly due to mark-to-market revaluation of Hong Kong equities.

The Currency Board Account shows that the Monetary Base at the end of November 2025 was HK$2,032.2 billion, increased by HK$5.5 billion, or 0.3per cent, from the end of October 2025. The increase was mainly due to increases in the market value of Exchange Fund Bills and Notes outstanding and the outstanding amount of Certificates of Indebtedness.

The amount of Backing Assets increased by HK$14.2 billion, or 0.6per cent, to HK$2,241.3 billion at the end of November 2025. The increase was mainly attributable to interest income and mark-to-market revaluation of investments. The Backing Ratio increased from 109.89per cent at the end ofOctober 2025to110.29per cent at the end of November 2025.

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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 Special Data Dissemination Standard (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

(Issued)

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

HKMA, Photo source: reference image

Monetary Statistics for November 2025

The following is issued on behalf of the Hong Kong Monetary Authority:

According to statistics published today (December 31) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 0.7 per cent in November 2025. Among the total, Hong Kong dollar deposits and foreign currency deposits increased by 0.2per cent and 1.1per cent respectively in November. In the year to end-November, total deposits and Hong Kong dollar deposits increased by 10.5per cent and 3.4per cent respectively. Renminbi deposits in Hong Kong increased by 0.6per cent in November to RMB1,002.0 billion at the end of November. The total remittance of renminbi for cross-border trade settlement amounted to RMB1,033.0 billion in November, compared with RMB1,006.6 billion in October. It should be noted that changes in deposits are affected by a wide range of factors, such as interest rate movements and fund-raising activities. It is therefore more appropriate to observe the longer-term trends, and not to over-generalise fluctuations in a single month.

Total loans and advances increased by 0.1per cent in November, and increased by 1.0per cent in the year to end-November. Among the total, loans for use in Hong Kong (including trade finance) decreased by 0.1per cent while loans for use outside Hong Kong increased by 0.4per cent in November. The Hong Kong dollar loan-to-deposit ratio decreased to 73.2per cent at the end of November from 73.6per cent at the end of October, as Hong Kong dollar deposits increased while Hong Kong dollar loans decreased.

Hong Kong dollar M2 and M3 both increased by 0.2per cent in November, and both increased by 4.5per cent when compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 increased by 1.2per cent in November, and increased by 14.9per cent compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both increased by 0.9per cent in November. Compared to a year earlier, total M2 and total M3 both increased by 11.2per cent.

As monthly monetary statistics are subject to volatilities due to a wide range of transient factors, such as seasonal funding demand as well as business and investment-related activities, caution is required when interpreting the statistics.

Source: AI-found images