Dow Jones Newswires -- November 25, 1998
Dow Jones Newswires
HKMA Says HK Monetary Base Totals HK$186.78B As Of Weds
Dow Jones Newswires
HONG KONG -- The monetary base underlying the Hong Kong dollar's peg to
the U.S. dollar totaled HK$186.78 billion as of 1030 GMT (5:30 a.m. EST),
the territory's quasi-central bank said Wednesday.
It's the first time the Hong Kong Monetary Authority has announced the
precise figure on the monetary backing of the peg.
From Wednesday, the figures will be published daily along with details of
the components of the monetary base, the HKMA said.
Hong Kong's monetary base is the sum of certificates of indebtedness,
notes and coins in circulation, the aggregate balance of accounts banks
maintain with the HKMA for settlement of foreign exchange transactions, as
well as bills and notes issued by the HKMA's Exchange Fund.
An HKMA spokesman said that the decision to provide the figures is part of
the quasi-central bank's efforts to be more transparent.
As of 1030 GMT, certificates of indebtedness totaled HK$80.68 billion,
notes and coins in circulation totaled HK$5.89 billion, outstanding
Exchange Fund paper totaled HK$97.45 billion, and the closing aggregate
balance in the banking system was HK$2.76 billion, the HKMA said.
Certificates of indebtedness provide the backing for bank notes issued in
Hong Kong.
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