HKMA Exchange Fund Balance Sheet: Certificates of indebtedness

This page shows items from the balance sheet of the Exchange Fund (EF) of the Hong Kong Monetary Authority (HKMA), updated monthly. As the HKSAR Government places most of its fiscal reserves with the EF, we can see the drawdown during the Coronavirus pandemic and other times since 1996, as well as the changes in the banking system's aggregate balance.

The default view shows "Fiscal reserves+equity", which is the sum of the Government's fiscal (tax) reserves and the equity, or accumulated gains, of the EF, which are mostly available to the Government, as the EF only needs a small buffer to ensure that the currency board or "USD-HKD peg" will have sufficient assets to cover its liabilities.

A further amount, "HKSARG funds & statutory bodies" includes the Bond Fund (amounts set aside for repayment of Government bonds) as well as money held for bodies such as the Research Endowment Fund, Housing Authority and Hospital Authority. Various amounts have been expensed in the HKSARG budget and placed into these dedicated silos over the years.

"Certificates of indebtedness" are amounts due to the 3 note-issuing banks which in turn issue bank notes (excluding the HK$10 note issued by the HKMA). For a breakdown of physical currency in circulation, click here.

Data source

To zoom in or out, use the range-selector buttons or the slider, or pinch the charts on a touch screen. Use the top-right hamburger menu to save or print.

Date	Amount HK$m
2024-03-31	603,173
2024-02-29	598,778
2024-01-31	602,625
2023-12-31	593,235
2023-11-30	581,742
2023-10-31	584,101
2023-09-30	595,577
2023-08-31	593,424
2023-07-31	590,097
2023-06-30	598,239
2023-05-31	596,879
2023-04-30	608,463
2023-03-31	606,575
2023-02-28	603,310
2023-01-31	615,160
2022-12-31	605,959
2022-11-30	590,571
2022-10-31	600,176
2022-09-30	608,996
2022-08-31	607,325
2022-07-31	614,673
2022-06-30	617,299
2022-05-31	609,574
2022-04-30	617,276
2022-03-31	610,201
2022-02-28	610,886
2022-01-31	621,369
2021-12-31	592,364
2021-11-30	580,556
2021-10-31	580,272
2021-09-30	577,826
2021-08-31	573,993
2021-07-31	576,528
2021-06-30	576,809
2021-05-31	568,928
2021-04-30	570,440
2021-03-31	567,231
2021-02-28	575,034
2021-01-31	573,651
2020-12-31	556,204
2020-11-30	567,597
2020-10-31	567,103
2020-09-30	567,861
2020-08-31	541,105
2020-07-31	533,427
2020-06-30	533,027
2020-05-31	531,843
2020-04-30	531,071
2020-03-31	524,145
2020-02-29	535,567
2020-01-31	538,123
2019-12-31	516,062
2019-11-30	511,639
2019-10-31	506,350
2019-09-30	506,651
2019-08-31	507,384
2019-07-31	498,170
2019-06-30	500,386
2019-05-31	492,814
2019-04-30	501,387
2019-03-31	500,731
2019-02-28	497,078
2019-01-31	506,761
2018-12-31	485,666
2018-11-30	471,366
2018-10-31	471,213
2018-09-30	477,524
2018-08-31	471,030
2018-07-31	472,665
2018-06-30	481,434
2018-05-31	473,953
2018-04-30	482,934
2018-03-31	490,906
2018-02-28	477,288
2018-01-31	460,869
2017-12-31	456,726
2017-11-30	438,417
2017-10-31	436,826
2017-09-30	443,713
2017-08-31	430,229
2017-07-31	427,791
2017-06-30	426,597
2017-05-31	419,648
2017-04-30	422,874
2017-03-31	412,741
2017-02-28	411,664
2017-01-31	432,101
2016-12-31	405,345
2016-11-30	384,744
2016-10-31	381,395
2016-09-30	382,522
2016-08-31	373,791
2016-07-31	373,587
2016-06-30	372,586
2016-05-31	368,245
2016-04-30	373,276
2016-03-31	368,819
2016-02-29	372,842
2016-01-31	380,048
2015-12-31	357,863
2015-11-30	348,286
2015-10-31	349,495
2015-09-30	349,850
2015-08-31	345,240
2015-07-31	341,961
2015-06-30	346,375
2015-05-31	346,937
2015-04-30	347,962
2015-03-31	348,992
2015-02-28	360,912
2015-01-31	342,564
2014-12-31	340,184
2014-11-30	337,805
2014-10-31	334,880
2014-09-30	342,625
2014-08-31	333,609
2014-07-31	327,574
2014-06-30	333,061
2014-05-31	331,583
2014-04-30	329,392
2014-03-31	326,835
2014-02-28	328,855
2014-01-31	351,412
2013-12-31	327,372
2013-11-30	317,059
2013-10-31	315,584
2013-09-30	317,300
2013-08-31	310,956
2013-07-31	305,218
2013-06-30	310,339
2013-05-31	305,143
2013-04-30	307,265
2013-03-31	314,800
2013-02-28	305,029
2013-01-31	305,870
2012-12-31	289,837
2012-11-30	280,408
2012-10-31	278,550
2012-09-30	285,514
2012-08-31	270,907
2012-07-31	266,661
2012-06-30	267,875
2012-05-31	263,028
2012-04-30	268,582
2012-03-31	267,475
2012-02-29	262,864
2012-01-31	272,566
2011-12-31	258,702
2011-11-30	243,707
2011-10-31	241,915
2011-09-30	245,574
2011-08-31	239,277
2011-07-31	240,835
2011-06-30	239,079
2011-05-31	234,754
2011-04-30	239,974
2011-03-31	233,311
2011-02-28	237,065
2011-01-31	249,809
2010-12-31	225,939
2010-11-30	217,165
2010-10-31	217,676
2010-09-30	218,439
2010-08-31	211,949
2010-07-31	211,921
2010-06-30	212,245
2010-05-31	209,415
2010-04-30	211,355
2010-03-31	211,792
2010-02-28	215,816
2010-01-31	210,073
2009-12-31	199,006
2009-11-30	193,322
2009-10-31	193,274
2009-09-30	192,802
2009-08-31	186,190
2009-07-31	185,708
2009-06-30	185,440
2009-05-31	185,496
2009-04-30	187,360
2009-03-31	181,832
2009-02-28	182,156
2009-01-31	193,334
2008-12-31	176,093
2008-11-30	171,025
2008-10-31	170,773
2008-09-30	179,869
2008-08-31	166,977
2008-07-31	165,293
2008-06-30	167,270
2008-05-31	166,134
2008-04-30	166,380
2008-03-31	168,125
2008-02-29	170,940
2008-01-31	178,343
2007-12-31	163,381
2007-11-30	156,951
2007-10-31	154,663
2007-09-30	158,754
2007-08-31	154,411
2007-07-31	154,192
2007-06-30	156,764
2007-05-31	153,221
2007-04-30	156,731
2007-03-31	157,572
2007-02-28	167,599
2007-01-31	159,520
2006-12-31	156,926
2006-11-30	151,377
2006-10-31	152,209
2006-09-30	153,842
2006-08-31	148,910
2006-07-31	149,273
2006-06-30	150,466
2006-05-31	150,482
2006-04-30	151,867
2006-03-31	150,009
2006-02-28	150,941
2006-01-31	166,914
2005-12-31	148,406
2005-11-30	142,254
2005-10-31	143,990
2005-09-30	146,547
2005-08-31	143,949
2005-07-31	145,595
2005-06-30	147,618
2005-05-31	147,203
2005-04-30	150,454
2005-03-31	151,603
2005-02-28	154,798
2005-01-31	157,003
2004-12-31	146,775
2004-11-30	142,315
2004-10-31	142,035
2004-09-30	144,385
2004-08-31	139,825
2004-07-31	139,845
2004-06-30	139,735
2004-05-31	137,985
2004-04-30	138,765
2004-03-31	136,465
2004-02-29	137,185
2004-01-31	144,555
2003-12-31	134,215
2003-11-30	127,835
2003-10-31	126,565
2003-09-30	127,495
2003-08-31	125,825
2003-07-31	123,905
2003-06-30	124,355
2003-05-31	123,155
2003-04-30	122,915
2003-03-31	121,925
2003-02-28	123,095
2003-01-31	136,345
2002-12-31	118,475
2002-11-30	114,355
2002-10-31	112,435
2002-09-30	114,235
2002-08-31	112,705
2002-07-31	111,145
2002-06-30	113,285
2002-05-31	111,435
2002-04-30	111,765
2002-03-31	116,025
2002-02-28	114,675
2002-01-31	113,405
2001-12-31	107,545
2001-11-30	103,575
2001-10-31	103,125
2001-09-30	106,205
2001-08-31	100,735
2001-07-31	99,485
2001-06-30	100,775
2001-05-31	97,985
2001-04-30	101,625
2001-03-31	98,445
2001-02-28	99,235
2001-01-31	110,565
2000-12-31	99,265
2000-11-30	93,225
2000-10-31	93,265
2000-09-30	96,175
2000-08-31	93,425
2000-07-31	94,635
2000-06-30	96,075
2000-05-31	94,355
2000-04-30	98,195
2000-03-31	97,455
2000-02-29	101,165
2000-01-31	112,465
1999-12-31	118,195
1999-11-30	91,745
1999-10-31	91,215
1999-09-30	92,575
1999-08-31	89,605
1999-07-31	90,025
1999-06-30	89,895
1999-05-31	88,785
1999-04-30	89,745
1999-03-31	92,595
1999-02-28	96,145
1999-01-31	90,055
1998-12-31	86,465
1997-12-31	87,015
1997-06-30	91,985
1996-12-31	82,480

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