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 (June 30) that the total assets of the Exchange Fund amounted to HK$4,390.7billion as at May 31, 2026, HK$36.7 billion higher than that at the end of April 2026. Foreign currency assets increased by HK$39.8 billion while Hong Kong dollar assets decreased by HK$3.1 billion.
The rise in foreign currency assets was mainly due to interest income and mark-to-market revaluation of investments, and proceeds from the issuance of Government Bonds, which were partly offset by a reduction in the month-end balances of unsettled purchase of securities. 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 May 2026 remained unchanged at HK$2,072.2 billion. The decrease in the outstanding amount of Certificates of Indebtedness was offset by amortisation of discount on Exchange Fund Bills and Notes issued.
The amount of Backing Assets increased by HK$4.0 billion, or 0.2 per cent, to HK$2,313.8 billion at the end of May 2026. The increase was mainly attributable to interest income from investments, which was partly offset by redemption of Certificates of Indebtedness and mark-to-market revaluation of investments. The Backing Ratio increased from 111.47 per cent at the end of April 2026 to 111.66 per cent at the end of May 2026.
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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 June 2026, the scheduled dates for issuing the press releases are as follows:
| June 5 (Issued) | SDDS International Reserves (Hong Kong's Latest Foreign Currency Reserve Assets Figures) |
| June 12 (Issued) | SDDS Analytical Accounts of the Central Bank (Analytical Accounts of the Exchange Fund) |
| June 30 | SDDS Template on International Reserves and Foreign Currency Liquidity |
| June 30 | Exchange Fund Abridged Balance Sheet and Currency Board Account |
(Issued)
(Hong Kong's Latest Foreign Currency Reserve Assets Figures)
(Issued)
(Analytical Accounts of the Exchange Fund)
Foreign Currency Liquidity
Currency Board Account
Source: AI-found images
Government's financial results for two months ended May 31, 2026
The Government announced today (June 30) its financial results for the two months ended May 31, 2026.
Expenditure and revenue from April to May 2026 amounted to HK$125.1billion and HK$60.9 billion respectively, resulting in a deficit of HK$30.3billion after taking into account HK$37.4 billion received from issuance of Government Bonds and repayment of HK$3.5 billion principal on Government Bonds. The fiscal reserves stood at HK$635.2 billion as at May 31, 2026.
A Government spokesperson said that the deficit for the period was mainly due to the fact that major revenue items including salaries and profits taxes are mostly received towards the end of a financial year.
Detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
| Month ended May 31, 2026 HK$ million | Two months ended May 31, 2026 HK$ million |
| Revenue | 19,406.2 | 60,873.8 |
| Expenditure | (62,542.5) | (125,142.5) |
| | |
| Deficit before issuance and repayment of Government Bonds | (43,136.3) | (64,268.7) |
| | |
| Proceeds received from issuance of Government Bonds | 31,400.3 | 37,447.7 |
| | |
| Repayment of Government Bonds* | (1,624.1) | (3,477.5) |
| | |
| Deficit after issuance and repayment of Government Bonds | (13,360.1) | (30,298.5) |
| | |
| Financing | | |
| Domestic | | |
| Banking Sector (Note 2) | 12,370.9 | 27,298.8 |
| Non-Banking Sector | 989.2 | 2,999.7 |
| External | - | - |
| | |
| Total | 13,360.1 | 30,298.5 |
| * Being repayment of principal on Government Bonds and does not include the associated interest and other expenses. |
May 31, 2026
HK$ million
May 31, 2026
HK$ million
and repayment of
Government Bonds
issuance of
Government Bonds
Government Bonds*
and repayment of
Government Bonds
Government Debts as at May 31, 2026 (Note 3)
HK$446,559 million
Debts Guaranteed by Government as at May 31, 2026 (Note 4)
HK$108,634 million
TABLE 2. FISCAL RESERVES
| Month ended May 31, 2026 HK$ million | Two months ended May 31, 2026 HK$ million |
| Fiscal Reserves at start of period | 648,602.2 | 665,540.6 |
| Consolidated Deficit after issuance and repayment of Government Bonds | (13,360.1) | (30,298.5) |
| | |
| Fiscal Reserves at end of period (Note 5) | 635,242.1 | 635,242.1 |
May 31, 2026
HK$ million
May 31, 2026
HK$ million
issuance and repayment of
Government Bonds
(Note 5)
Notes:
1. This Account consolidates the General Revenue Account and the following eight Funds: Capital Works Reserve Fund, Capital Investment Fund, Civil Service Pension Reserve Fund, Disaster Relief Fund, Innovation and Technology Fund, Land Fund, Loan Fund and Lotteries Fund. It excludes the Bond Fund, the balance of which is not part of the fiscal reserves. The Bond Fund balance as at May 31, 2026, was HK$153,188 million.
2. Includes transactions with the Exchange Fund and resident banks.
3.The Government Debts, with proceeds credited to the Capital Works Reserve Fund, comprise:
(i) the Green Bonds (equivalent to HK$195,450 million as at May 31, 2026) issued under the Government Sustainable Bond Programme. They were denominated in US dollars (US$9,550 million with maturity from June 2026 to January 2053), euros (6,550 million euros with maturity from November 2026 to November 2041), Renminbi (RMB33,000 million with maturity from July 2026 to July 2054) and Hong Kong dollars (HK$22,500 million with maturity from October 2026 to November 2027);
(ii) the Infrastructure Bonds (equivalent to HK$142,418 million as at May 31, 2026) issued under the Infrastructure Bond Programme. They were denominated in US dollars (US$500 million with maturity in May 2031), Renminbi (RMB53,750 million with maturity from July 2026 to May 2056) and Hong Kong dollars (HK$76,230 million with maturity from August 2026 to May 2056); and
(iii) the Silver Bonds with nominal value of HK$108,691 million (with maturity in October 2027 and October 2028 and may be redeemed before maturity upon request from bond holders) issued under the Infrastructure Bond Programme.
They do not include the outstanding bonds with nominal value of HK$100,392 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,837 million as at May 31, 2026) issued under the Government Bond Programme with proceeds credited to the Bond Fund. Of these bonds under the Government Bond Programme (including Silver Bonds with nominal value of HK$53,292 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$53,292 million will mature within the period from June 2026 to May 2027, and the rest within the period from June 2027 to May 2042.
4. Includes guarantees provided under the SME Loan Guarantee Scheme launched in 2001, the Special Loan Guarantee Scheme launched in 2008, the SME Financing Guarantee Scheme launched in 2012, the Loan Guarantee Scheme for Cross-boundary Passenger Transport Trade, the Loan Guarantee Scheme for Battery Electric Taxis and the Loan Guarantee Scheme for Travel Sector launched in 2023, and the commercial loan under Guaranteed Medium Term Note Programme of the Hong Kong Cyberport Management Company Limited.
5. Includes HK$249,839 million, being the balance of the Land Fund held in the name of Future Fund, for long-term investments up to December 31, 2030. The Future Fund also includes HK$4,800 million, being one-third of the actual surplus in 2015-16 as top-up.
