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

     The Hong Kong Monetary Authority (HKMA) announced today (February 28) that the total assets of the Exchange Fund amounted to HK$4,111.9 billion as at January 31, 2025, HK$29.5 billion higher than that at the end of December 2024.  Foreign currency assets increased by HK$20.8 billion and Hong Kong dollar assets increased by HK$8.7 billion.

     The rise in foreign currency assets was mainly due to issuance of Certificates of Indebtedness and mark-to-market revaluation of investments, which were partly offset by a reduction in the month-end balances of unsettled purchase of securities and redemption of Government Green Bonds on maturity. The rise in Hong Kong dollar assets was mainly due to an increase in placements with banks, which was partly offset by the decrease in Exchange Fund Bills and Notes issued but not yet settled at month end.

     The Currency Board Account shows that the Monetary Base at the end of January 2025 was HK$1,995.0 billion, increased by HK$37.4 billion, or 1.9 per cent, from the end of December 2024. The increase was mainly due to the increase in the outstanding amount of Certificates of Indebtedness, which reflected the seasonal demand for banknotes around Chinese New Year, and amortisation of discount on Exchange Fund Bills and Notes issued.

     The amount of Backing Assets increased by HK$47.8 billion, or 2.2 per cent, to HK$2,192.4 billion at the end of January 2025. The increase was mainly attributable to the issuance of Certificates of Indebtedness, mark-to-market revaluation of investments and interest income from investments. The Backing Ratio increased from 109.56 per cent at the end of December 2024 to 109.90 per cent at the end of January 2025.

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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 Special Data Dissemination Standard (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 February 2025, the scheduled dates for issuing the press releases are as follows:
      

     The Government announced today (February 28) its financial results for the 10 months ended January 31, 2025.

     Expenditure and revenue from April 2024 to January 2025 amounted to HK$597.2 billion and HK$441.1 billion respectively, resulting in a deficit of HK$59.9 billion after taking into account HK$118.1 billion received from issuance of Government Bonds and repayment of HK$21.9 billion principal on Government Bonds.

     The fiscal reserves stood at HK$674.7 billion as at January 31, 2025.

     Taking into account the forecast revenue and expenditure for the remaining two months, the deficit for the 2024-25 financial year is expected to be HK$87.2 billion and the fiscal reserves are estimated to be HK$647.3 billion as at the end of March 2025.

     Detailed figures are shown in Tables 1 and 2.

TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
 

Government Debts as at January 31, 2025 (Note 3)
    HK$286,337 million
Debts Guaranteed by Government as at January 31, 2025 (Note 4)
    HK$129,773 million
 
TABLE 2. FISCAL RESERVES
 

Notes:

1. This Account consolidates the General Revenue Account and the following eight Funds: Capital Works Reserve Fund, Capital Investment Fund, Civil Service Pension Reserve Fund, Disaster Relief Fund, Innovation and Technology Fund, Land Fund, Loan Fund and Lotteries Fund. It excludes the Bond Fund, the balance of which is not part of the fiscal reserves. The Bond Fund balance as at January 31, 2025, was HK$229,492 million.

2. Includes transactions with the Exchange Fund and resident banks.

3. The Government Debts, with proceeds credited to the Capital Works Reserve Fund, comprise:

(i) the Green Bonds (equivalent to HK$193,198 million as at January 31, 2025) issued under the Government Sustainable Bond Programme. They were denominated in US dollars (US$9,950 million with maturity from January 2026 to January 2053), euros (4,580 million euros with maturity from February 2026 to November 2041), Renminbi (RMB34,000 million with maturity from June 2025 to July 2054) and Hong Kong dollars (HK$42,000 million with maturity from May 2025 to October 2026); 

(ii) the Infrastructure Bonds (equivalent to HK$38,262 million as at January 31, 2025) issued under the Infrastructure Bond Programme. They were denominated in Renminbi (RMB7,500 million with maturity from December 2025 to November 2034) and Hong Kong dollars (HK$30,230 million with maturity from November 2025 to December 2039); and

(iii) the Silver Bonds with nominal value of HK$54,877 million (with maturity in October 2027 and may be redeemed before maturity upon request from bond holders) issued under the Infrastructure Bond Programme.

     They do not include the outstanding bonds with nominal value of HK$178,058 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,790 million as at January 31, 2025) issued under the Government Bond Programme with proceeds credited to the Bond Fund. Of these bonds under the Government Bond Programme (including Silver Bonds with nominal value of HK$96,558 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$1,500 million were repaid upon maturity on February 17, 2025; bonds with nominal value of HK$75,198 million will mature within the period from March 2025 to January 2026 and the rest within the period from February 2026 to May 2042.

4. Includes guarantees provided under the SME Loan Guarantee Scheme launched in 2001, the Special Loan Guarantee Scheme launched in 2008, the SME Financing Guarantee Scheme launched in 2012, and the Loan Guarantee Scheme for Cross-boundary Passenger Transport Trade, the Loan Guarantee Scheme for Battery Electric Taxis and the Loan Guarantee Scheme for Travel Sector launched in 2023.

5. Includes HK$249,768 million, being the balance of the Land Fund held in the name of "Future Fund", for long-term investments up to December 31, 2030. The Future Fund also includes HK$4,800 million, being one-third of the actual surplus in 2015-16 as top-up.

     The Centre for Health Protection (CHP) of the Department of Health today (February 28) reported the latest number of dengue fever (DF) cases, and urged the public to maintain strict environmental hygiene, mosquito control and personal protective measures both locally and during travel.

     From February 21 to yesterday (February 27), the CHP recorded one imported DF case. The patient had travelled to Thailand during the incubation period.

      As of yesterday, six imported DF cases were recorded this year. A total of 161 cases of DF were recorded in 2024, including 156 imported and five local cases. In 2023, 62 imported cases of DF were recorded.

     According to the World Health Organization (WHO), the global incidence of DF has markedly increased over the past two decades, posing a substantial public health challenge. In 2023, ongoing transmissions, combined with an unexpected spike in DF cases, resulted in over 6.5 million cases and more than 7 300 dengue-related deaths reported in over 80 countries/territories. In 2024, the WHO recorded over 13 million cases, which was a record number of cases.

     Detailed information on the latest DF situation in Hong Kong, as well as neighbouring and overseas countries and areas, has been uploaded to the CHP website.

     Members of the public returning from areas affected by DF should apply insect repellent for 14 days upon arrival in Hong Kong. If feeling unwell, seek medical advice promptly and provide travel details to a doctor.

     The public should take heed of the following advice on mosquito control:
 

• Thoroughly check all gully traps, roof gutters, surface channels and drains to prevent blockage;
• Scrub and clean drains and surface channels with an alkaline detergent compound at least once a week to remove any deposited mosquito eggs;
• Properly dispose of refuse, such as soft drink cans, empty bottles and boxes, in covered litter containers;
• Completely change the water of flowers and plants at least once a week. The use of saucers should be avoided if possible;
• Level irregular ground surfaces before the rainy season;
• Avoid staying in shrubby areas; and
• Take personal protective measures such as wearing light-coloured long-sleeved clothes and trousers, and apply insect repellent containing DEET to clothing or uncovered areas of the body when doing outdoor activities.

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     â€‹DEET-containing insect repellents are effective and the public should take heed of the tips below:
     

• Read the label instructions carefully first;
• Apply right before entering an area with risk of mosquito bites;
• Apply on exposed skin and clothing;
• Use DEET of up to 30 per cent for pregnant women and up to 10 per cent for children*;
• Apply sunscreen first, then insect repellent; and
• Reapply only when needed and follow the instructions.

     * For children who travel to countries or areas where mosquito-borne diseases are endemic or epidemic and where exposure is likely, those aged 2 months or above can use DEET-containing insect repellents with a DEET concentration of up to 30 per cent.

     The public should call 1823 in case of mosquito problems and may visit the following pages for more information: the DF page of the CHP and the Travel Health Service, the latest Travel Health News, tips for using insect repellents, and the CHP Facebook Page and YouTube Channel.

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

     The Hong Kong Monetary Authority (HKMA) released today (February 28) the analytical data on the Hong Kong Special Administrative Region's foreign currency reserves and foreign currency liquidity as at the end of January 2025 (Annex). These data are published monthly in the Template on International Reserves and Foreign Currency Liquidity in accordance with the International Monetary Fund's Special Data Dissemination Standard (SDDS).

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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 February 2025, 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 announced the results of the residential mortgage survey for January 2025.
      
     The number of mortgage applications in January 2025 increased month-on-month by 3.3 per cent to 6 516.
      
     Mortgage loans approved in January 2025 decreased by 2.1 per cent compared with December 2024 to HK$25 billion. Among these, mortgage loans financing primary market transactions increased by 15.5 per cent to HK$10 billion and those financing secondary market transactions decreased by 11.7 per cent to HK$12.2 billion. Mortgage loans for refinancing decreased by 8.8 per cent to HK$2.9 billion.
      
     Mortgage loans drawn down during January 2025 increased by 17.6 per cent compared with December 2024 to HK$15.6 billion.
      
     The ratio of new mortgage loans priced with reference to HIBOR increased from 91.3 per cent in December 2024 to 93 per cent in January 2025. The ratio of new mortgage loans priced with reference to best lending rates decreased from 4.1 per cent in December 2024 to 3.4 per cent in January 2025.
      
     The outstanding value of mortgage loans increased month-on-month by 0.1 per cent to HK$1,872.9 billion at end-January 2025.
      
     The mortgage delinquency ratio stood at a low level of 0.12 per cent and the rescheduled loan ratio was unchanged at nearly 0 per cent.