Hong Kong: As of the end of January, the total assets of foreign exchange funds reached HK$404.65 billion, an increase of HK$28.7 billion compared to the previous period.

16:41 29/02/2024

On February 29, the Hong Kong Monetary Authority announced that as of January 31, 2024, the total assets of the foreign exchange fund were 404.65 billion Hong Kong dollars, an increase of 28.7 billion Hong Kong dollars from the end of December 2023. Among them, foreign currency assets increased by 37.3 billion Hong Kong dollars, while Hong Kong dollar assets decreased by 8.6 billion Hong Kong dollars.

On February 29, the Hong Kong Monetary Authority announced that as of January 31, 2024, the total assets of the Exchange Fund were HK$40,465 billion, an increase of HK$28.7 billion from the end of December 2023. Of this, foreign currency assets increased by HK$37.3 billion, while Hong Kong dollar assets decreased by HK$8.6 billion. The increase in foreign currency assets is mainly due to the increase in the month-end balance of securities purchased but not yet settled. The decrease in Hong Kong dollar assets is mainly due to the revaluation of Hong Kong stocks at market prices. According to the accounts of the Hong Kong Monetary Authority, the monetary base at the end of January 2024 was HK$19,106 billion, an increase of HK$14.4 billion from the end of December 2023, representing a growth of 0.8%. The increase in the monetary base is mainly due to the increase in the total amount of promissory notes and the increase in the market value of outstanding Exchange Fund bills and bonds. The total amount of supporting assets at the end of January 2024 increased by HK$20 billion to HK$21,197 billion, a growth of 1.0%. The increase in supporting assets is mainly due to the issuance of promissory notes and interest income from investments. The support ratio increased from 110.73% at the end of December 2023 to 110.94% at the end of January 2024.

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The Federal Reserve's Daly warns of vulnerability in the labor market, says it may be necessary to cut interest rates one to two more times this year.

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