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 (August 31) that the total assets of the Exchange Fund amounted to HK$4,403.7billion as at July 31, 2026, HK$59.9 billion lower than that at the end of June 2026. Hong Kong dollar assets decreased by HK$77.2 billion while foreign currency assets increased by HK$17.3 billion.
The decline in Hong Kong dollar assets was mainly due to the decrease in Exchange Fund Bills and Notes issued but not yet settled at month end, which was partly offset by mark-to-market revaluation of Hong Kong equities. The rise in foreign currency assets was mainly due to the increase in currency swap and interest income from investments, which were partly offset by mark-to-market revaluation of investments.
The Currency Board Account shows that the Monetary Base at the end of July 2026 was HK$2,080.1 billion, grew by HK$5.1 billion, or 0.2 per cent from the end of June 2026. The growth was mainly due to the amortisation of discount on Exchange Fund Bills and Notes issued and the increase in the outstanding amount of Certificates of Indebtedness.
The amount of Backing Assets increased by HK$6.2 billion, or 0.3 per cent, to HK$2,326.8 billion at the end of July 2026. The increase was mainly attributable to interest income from investments and the issuance of Certificates of Indebtedness, which were partly offset by mark-to-market revaluation of investments. The Backing Ratio increased from 111.84 per cent at the end of June 2026 to 111.86 per cent at the end of July 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 August 2026, the scheduled dates for issuing the press releases are as follows:
| August 7 (Issued) | SDDS International Reserves (Hong Kong's Latest Foreign Currency Reserve Assets Figures) |
| August 14 (Issued) | SDDS Analytical Accounts of the Central Bank (Analytical Accounts of the Exchange Fund) |
| August 31 | SDDS Template on International Reserves and Foreign Currency Liquidity |
| August 31 | 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
Provisional statistics of retail sales for July 2026
The Census and Statistics Department (C&SD) released the latest figures on retail sales today (August 31).
The value of total retail sales in July 2026, provisionally estimated at $31.0 billion, increased by 4.5% compared with the same month in 2025. The revised estimate of the value of total retail sales in June 2026 increased by 4.6% compared with a year earlier. For the first 7 months of 2026 taken together, it was provisionally estimated that the value of total retail sales increased by 8.9% compared with the same period in 2025.
Of the total retail sales value in July 2026, online sales accounted for 9.1%. The value of online retail sales in that month, provisionally estimated at $2.8 billion, increased by 9.5% compared with the same month in 2025. The revised estimate of online retail sales in June 2026 increased by 11.7% compared with a year earlier. For the first 7 months of 2026 taken together, it was provisionally estimated that the value of online retail sales increased by 24.9% compared with the same period in 2025.
After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales in July 2026 increased by 2.3% compared with a year earlier. The revised estimate of the volume of total retail sales in June 2026 increased by 2.3% compared with a year earlier. For the first 7 months of 2026 taken together, the provisional estimate of the total retail sales increased by 6.6% in volume compared with the same period in 2025.
Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing July 2026 with July 2025, the value of sales of jewellery, watches and clocks, and valuable gifts increased by 19.7%. This was followed by sales of other consumer goods not elsewhere classified (+10.5% in value); commodities in supermarkets (+0.3%); medicines and cosmetics (+7.3%); electrical goods and other consumer durable goods not elsewhere classified (+11.5%); food, alcoholic drinks and tobacco (+1.7%); commodities in department stores (+0.5%); and optical shops (+1.8%).
On the other hand, the value of sales of wearing apparel decreased by 1.8% in July 2026 over a year earlier. This was followed by sales of books, newspapers, stationery and gifts (-2.8% in value); motor vehicles and parts (-18.2%); fuels (-18.0%); footwear, allied products and other clothing accessories (-0.3%); furniture and fixtures (-2.4%); and Chinese drugs and herbs (-13.7%).
Based on the seasonally adjusted series, the provisional estimate of the value of total retail sales decreased by 1.7% in the three months ending July 2026 compared with the preceding three-month period, while the provisional estimate of the volume of total retail sales decreased by 0.1%.
Commentary
A government spokesman said that retail sales growth momentum remained resilient in July, marking the 15th consecutive month of expansion. Total retail sales value growth was steady at 4.5% year-on-year, while stronger online retail sales growth suggests that consumer spending continued to shift toward digital channels.
Looking ahead, continued economic expansion, rising household incomes, and stable labour market conditions should bolster consumer sentiment. A series of upcoming mega-events is also expected to sustain growth in visitor arrivals, providing further support to retail businesses. However, external headwinds are still evolving. The Government will continue to monitor the relevant potential impacts on the local consumption market closely.
Further information
Table 1 presents the revised figures on value index and value of retail sales for all retail outlets and by broad type of retail outlet for June 2026 as well as the provisional figures for July 2026. The provisional figures on the value of retail sales for all retail outlets and by broad type of retail outlet as well as the corresponding year-on-year changes for the first 7 months of 2026 taken together are also shown.
Table 2 presents the revised figures on value of online retail sales for June 2026 as well as the provisional figures for July 2026. The provisional figures on year-on-year changes for the first 7 months of 2026 taken together are also shown.
Table 3 presents the revised figures on volume index of retail sales for all retail outlets and by broad type of retail outlet for June 2026 as well as the provisional figures for July 2026. The provisional figures on year-on-year changes for the first 7 months of 2026 taken together are also shown.
Table 4 shows the movements of the value and volume of total retail sales in terms of the year-on-year rate of change for a month compared with the same month in the preceding year based on the original series, and in terms of the rate of change for a three-month period compared with the preceding three-month period based on the seasonally adjusted series.
The classification of retail companies follows the Hong Kong Standard Industrial Classification Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes.
These retail sales statistics measure the sales receipts in respect of goods sold by local retail companies and are primarily intended for gauging the short-term business performance of the local retail sector. Data on retail sales are collected from local retail companies through the Monthly Survey of Retail Sales (MRS). Local retail companies with and without physical shops are covered in MRS and their sales, both through conventional shops and online channels, are included in the retail sales statistics.
The retail sales statistics cover consumer spending on goods but not on services (such as those on housing, catering, medical care and health services, transport and communication, financial services, education and entertainment) which account for over 50% of the overall consumer spending. Moreover, they include spending on goods in Hong Kong by visitors but exclude spending outside Hong Kong by Hong Kong residents. Hence they should not be regarded as indicators for measuring overall consumer spending.
Users interested in the trend of overall consumer spending should refer to the data series of private consumption expenditure (PCE), which is a major component of the Gross Domestic Product published at quarterly intervals. Compiled from a wide range of data sources, PCE covers consumer spending on both goods (including goods purchased from all channels) and services by Hong Kong residents whether locally or abroad. Please refer to the C&SD publication "Gross Domestic Product by Expenditure Component" for more details.
More detailed statistics are given in the "Report on Monthly Survey of Retail Sales". Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080003&scode=530).
Users who have enquiries about the survey results may contact the Distribution Services Statistics Section of the C&SD (Tel: 3903 7400; email: mrs@censtatd.gov.hk).
