Assets at the Exchange Fund, which are used to back the Hong Kong dollar, totalled HK$3,764.8 billion ($483.95 billion) at the end of March, the Hong Kong Monetary Authority (HKMA) said on Friday. The figure was HK$60.2 billion lower than the total at the end of February, with foreign currency assets increasing by HK$18.0 billion and Hong Kong dollar assets down by HK$78.2 billion, the city's de facto central bank said in a statement.

The HKMA said the rise in foreign currency assets was mainly due to the purchase of foreign currencies with Hong Kong dollars. The decline in Hong Kong dollar assets was mainly due to the decrease in Exchange Fund Bills and Notes issued but not yet settled and sale of Hong Kong dollars for foreign currencies.

Copyright Reuters, 2017