Exchange fund's total assets jumped to $2.8t in July

On the back of higher foreign currency assets.

According to a report, the Exchange Fund's total assets grew by $37.3 billion to $2.8845 trillion in July.

The Monetary Authority said last Friday foreign currency assets increased by $42.3 billion, and Hong Kong dollar assets decreased by $5 billion.

The rise in foreign currency assets was mainly due to valuation gains on foreign currency investments, purchases of foreign currencies with Hong Kong dollars and an increase in unsettled purchases of securities.

The Monetary Base decreased by $5.1 billion, or 0.41%, to $1.2325 trillion. The decline was due to a decrease in the outstanding amount of Certificates of Indebtedness.

Backing Assets decreased by $5.3 billion, or 0.4%, to $1.3271 trillion, which was attributable to the reduction in assets connected with the redemption of Certificates of Indebtedness and revaluation losses.