HK to issue 19 bln HKD in exchange fund bills

21:01, April 27, 2010      

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The Hong Kong Monetary Authority Tuesday announced that additional exchange fund bills totaling 19 billion HK dollars will be offered in tenders in May.

The move is to meet the increased demand from banks, given the abundance of liquidity in the banking system, the authority said, adding that the issuance of additional exchange fund paper will be conducted by supplying more three-month and six-month exchange fund bills.

The three-month exchange fund bills to be tendered on May 4 and 11 will rise by 4 billion HK dollars. The six-month exchange fund bills to be offered on May 4 will increase by 6 billion HK dollars.

A new issue of six-month exchange fund bills, amounting to 9 billion HK dollars, will be offered on May 11 and the issue will be rolled over upon maturity.

The authority said the additional issuance represents a change in the composition of the monetary base, with a shift from the aggregate balance to exchange-fund paper.

The aggregate balance is projected to fall by 8 billion HK dollars on May 5 and by 11 billion HK dollars on May 12. (one U.S. dollar equals 7.756 HK dollars.)

Source:Xinhua

(Editor:黄蓓蓓)

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