HKMA Reports December 2025 Exchange Fund Accounts: Foreign Assets Down HK$12.5 Billion

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 (January 14) the key analytical accounts of the Exchange Fund at the end of December 2025.

Foreign assets, representing the external assets of the Exchange Fund, decreased during the month by HK$12.5 billion to HK$3,525.5 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$2,040.0 billion.

Claims on the private sector in Hong Kong amounted to HK$388.1billion.

Foreign liabilities amounted to HK$52.3 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 January 2026, the scheduled dates for issuing the press releases are as follows:

January 7

(Issued)

SDDS International Reserves

(Hong Kong’s Latest Foreign Currency Reserve Assets Figures)

January 14

SDDS Analytical Accounts of the Central Bank

(Analytical Accounts of the Exchange Fund)

January 30

SDDS Template on International Reserves and

Foreign Currency Liquidity

January 30

Exchange Fund Abridged Balance Sheet and

Currency Board Account

Source: AI-found images

Secretary for Housing expresses condolences over passing of Dr Donald Liao

The Secretary for Housing, Ms Winnie Ho, today (March 13) expressed sorrow over the passing of the former Secretary for Housing, the first Director of Housing, and the former Chairman of the Housing Authority (HA), Dr Donald Liao, and extends her deepest condolences to his family.

Dr Liao was the first Director of Housing from 1973 to 1980 and the Secretary for Housing from 1980 to 1985.

Ms Ho said, "I met Dr Liao for the first time when we were filming the documentary series which commemorated the 50th anniversary of the HA. My colleagues and I were instantly impressed by his warmth and care for the younger generations amid robust exchanges on public housing, architecture and design, as well as community planning.

"As the pioneer of the Home Ownership Scheme in Hong Kong, Dr Liao established the subsidised sale housing system to facilitate not only the turnover of public rental housing, but also encourage upward mobility for the grassroots families. At his young age, he took charge of the entire development projects of Ma Tau Wai Estate and Wah Fu Estate, where he had placed particular emphasis on the integration of public spaces, ancillary facilities and natural environments in public housing designs. Dr Liao's career journey in public housing has been an inspiration to our team and he will remain our role model as we continue to strive our best in the design of public housing.

"I am deeply saddened by the passing of Dr Donald Liao and would like to express deepest condolences to his family on behalf of the Housing Bureau, the HA, and the Housing Department."

Source: AI-found images