Exchange Fund foreign assets value falls

Finance | Victor Zhong and Bloomberg 15 Apr 2021

Foreign assets in the Exchange Fund decreased in March by HK$26.9 billion to HK$4.016.5 trillion, the Hong Kong Monetary Authority has reported.

That was revealed as the monetary base -- certificates of indebtedness, government-issued currency notes and coins in circulation, the balance of the banking system and Exchange Fund bills and notes issued -- amounted to HK$2.107.9 trillion.

The neighboring SAR of Macau meanwhile moved a step closer to the introduction of a digital currency as authorities there seek to combat money laundering and tax evasion more effectively in the world's biggest gambling hub.

The administration plans to amend laws to regulate the issuance of a virtual legal tender, Chief Executive Ho Iat Seng told legislators lawmakers.

And the administration will work with China's central bank to "study the feasibility of issuing a digital currency," he added.

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