Author Archives: hksar gov

     The Government announced today (September 14) the appointment of two new members and the re-appointment of six incumbent members to the Veterinary Surgeons Board of Hong Kong (VSB) from September 15, 2018, until such time as the new… read more

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) released today (September 14) the key analytical accounts of the Exchange Fund at the end of August 2018.

     Foreign assets, representing the external assets of the Exchange Fund, decreased during the month by HK$54.7 billion to HK$3,487.1 billion.

     The Monetary Base, comprising 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$1,611.2 billion.

     Claims on the private sector in Hong Kong amounted to HK$225.4 billion.

     The analytical accounts of the Exchange Fund are released in accordance with the International Monetary Fund’s Special Data Dissemination Standard (SDDS) and are referred to as the Analytical Accounts of the Central Bank under SDDS (Annex).
 
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     At present, four press releases relating to the Exchange Fund’s data are issued by the HKMA each month. Three of these releases are issued to disseminate monetary data in accordance with the International Monetary Fund’s SDDS. The fourth press release, on the Exchange Fund’s Abridged Balance Sheet and Currency Board Account, is made in accordance with the HKMA’s policy of maintaining a high level of transparency. For the month of September 2018, the scheduled dates for issuing the press releases are as follows:
 

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA), as representative of the Hong Kong Special Administrative Region Government (HKSAR Government), published today a tentative issuance schedule for Government Bonds (GBs) offered under the Institutional Bond Issuance Programme for the next six-month period from October 2018 to March 2019 (Annex). The schedule contains information on, among others, the tentative tenors, tender dates, issue sizes, issue dates and method of issuance of individual GB issues. Further details on the methods of issuance are set out in the Information Memorandum available on the Government Bond Programme’s website www.hkgb.gov.hk.
      
     The issuance schedule is normally published on a half-yearly basis.  It should be noted that the tenors, tender dates, issue sizes, issue dates and methods of issuance in the issuance schedule are tentative. The HKMA may make adjustments in the light of prevailing market conditions. A revised issuance schedule may be issued where appropriate. Other details of individual issues are to be confirmed and announced at least four business days prior to the scheduled tender dates.                                                                                                                  read more

The following is issued on behalf of the Hong Kong Monetary Authority:      The Hong Kong Monetary Authority (HKMA) announced today (September 12) the progress made in its handling of banking complaints received as at end-August 2018…. read more

     The Census and Statistics Department (C&SD) released today (September 14) the preliminary statistics on Hong Kong’s Gross National Income (GNI) and external primary income flows (EPIF) for the second quarter of 2018.
 
     Hong Kong’s GNI in the second quarter of 2018 increased by 8.1% over a year earlier to $733.6 billion at current market prices. The Gross Domestic Product (GDP), preliminarily estimated at $677.0 billion at current market prices in the same quarter, recorded a 7.7% increase over the same period. Measured at current market prices, the value of GNI was larger than GDP by $56.6 billion in the second quarter of 2018, representing a net external primary income inflow of the same amount, and equivalent to 8.4% of GDP in that quarter.
 
     After netting out the effect of price changes over the same period, Hong Kong’s GNI increased by 4.2% in real terms in the second quarter of 2018 over a year earlier. The corresponding GDP in the same quarter increased by 3.5% in real terms.
 
     Total primary income inflow into Hong Kong, estimated at $459.3 billion in the second quarter of 2018 and equivalent to 67.8% of GDP in that quarter, increased by 17.3% over a year earlier. Meanwhile, total primary income outflow, estimated at $402.7 billion in the second quarter of 2018 and equivalent to 59.5% of GDP in that quarter, increased by 18.1% over a year earlier. Taking the inflow and outflow together, a net external primary income inflow of $56.6 billion was recorded in the second quarter of 2018.
 
     As for the major components of total primary income inflow, direct investment income (DII) increased by 14.8% over a year earlier, mainly due to the increase in earnings of some prominent local enterprises from their direct investment abroad. Portfolio investment income (PII) increased by 10.5% over a year earlier, mainly attributable to the increase in dividend income received by resident investors from their holdings of non-resident equity securities and the increase in interest income received by resident investors from their holdings of non-resident long-term debt securities. Other investment income (OII) increased by 63.3%, largely caused by the increase in interest income from external assets of the local banking sector. Income on reserve assets increased by 46.2%, as a result of the increase in investment earnings from foreign currency reserves.
 
     Regarding the major components of total primary income outflow, DII increased by 13.0% over a year earlier, mainly due to the increase in earnings of some prominent multinational enterprises from their direct investment in Hong Kong. PII increased by 23.3%, mainly attributable to the increase in dividend payout to non-resident investors from their holdings of resident equity securities. OII increased by 69.2%, largely caused by the increase in the interest rates.
 
     Analysed by country/territory, the mainland of China continued to be the largest source of Hong Kong’s total external primary income inflow in the second quarter of 2018, accounting for 36.1%. This was followed by the British Virgin Islands (BVI), with a share of 19.3%. Regarding total external primary income outflow, the mainland of China and the BVI remained the most important destinations in the second quarter of 2018, accounting for 23.9% and 23.5% respectively.
 
Further Information
 
     GDP and GNI are closely related indicators for measuring economic performance. GDP is a measure of the total value of production of all resident producing units of an economy. GNI denotes the total income earned by residents of an economy from engaging in various economic activities, irrespective of whether the economic activities are carried out within the economic territory of the economy or outside. In other words, GNI is obtained by adding to GDP the primary income earned by residents from outside the economic territory and deducting primary income earned by non-residents from within the economic territory. Primary income comprises investment income and compensation of employees.
 
     Figures of EPIF presented above are compiled based on data obtained from the Survey of External Claims, Liabilities and Income conducted quarterly by the C&SD, supplemented by data from other sources.  
 
     Figures of GNI and EPIF analysed by income component from the third quarter of 2016 to the second quarter of 2018 are presented in Table A, while selected major country/territory breakdowns of external primary income inflow and external primary income outflow for the same quarters are presented in Tables B(1) and B(2) respectively.
 
     Statistics on GDP and GNI from 2016 onwards and EPIF from 2017 onwards are subject to revision when more data become available.
 
     Enquiries about GNI and EPIF statistics may be directed to the Balance of Payments Branch (2) of the C&SD at 3903 7017. read more