Introduction

This report provides a comprehensive analysis of the Hong Kong Monetary Authority (HKMA) Exchange Fund Bills and Notes. The analysis includes:

  • Volume Analysis: Total outstanding amounts and issue sizes
  • Maturity Analysis: Distribution of maturities across different time horizons
  • Currency Analysis: Breakdown by currency type
  • Issuer Analysis: Concentration by issuer
  • Temporal Analysis: Trends over time and monthly patterns

All monetary amounts are converted to Hong Kong Dollar (HKD) equivalents for consistent comparison.

Note: All amounts shown are rounded to whole numbers (billions HKD) for readability.

Data Source

The data used in this analysis is sourced from the Hong Kong government’s open data portal:

Data Provider: Hong Kong Monetary Authority (HKMA)
Dataset: List of Exchange Fund Bills and Notes
Source: data.gov.hk
API Endpoint: https://api.hkma.gov.hk/public/debt-securities-settlement-system/operational-information/list-of-exchange-fund-bills-and-notes

The data is updated daily and made available through the Hong Kong government’s open data initiative.

Data Loading

## **Data Source:** exchange_fund_bills_notes_20251104_212737_cleaned.rds

Dataset Summary: - Total Records: 100 - Data Source: exchange_fund_bills_notes_20251104_212737_cleaned.rds - Analysis Date: 2025-11-04

Executive Summary

Metric Value
Total Outstanding Amount (HKD billions) 1,640
Total Issue Size (HKD billions) 1,644
Number of Unique Issuers 2
Number of Currencies 2
Total Number of Issues 100

Volume Analysis

Outstanding Amounts by Currency

Currency Total Outstanding (Billions HKD) Number of Issues Average Outstanding (Billions HKD)
HKD 1610 87 19
CNY 30 13 2

Outstanding Amounts by Issuer

Issuer Total Outstanding (Billions HKD) Number of Issues Average Outstanding (Billions HKD)
HONG KONG MONETARY AUTHORITY 1302 61 21
THE GOVERNMENT OF THE HKSAR OF THE PRC 338 39 9

Maturity Analysis

Maturity Distribution

Maturity Bucket Number of Issues Total Outstanding (Billions HKD) Avg Time to Maturity (Years)
0-3 Months 33 1102 0.12
3-6 Months 21 220 0.36
6-12 Months 8 81 0.74
1-2 Years 13 93 1.60
2-5 Years 14 111 3.40
5-10 Years 6 23 8.69
10+ Years 5 9 14.50

Maturity Timeline

Maturity Year Number of Issues Total Outstanding (Billions HKD)
2025 23 741
2026 41 666
2027 12 107
2028 5 67
2029 5 13
2030 3 14
2032 1 6
2034 2 10
2035 3 7
2036 1 3
2038 1 2
2039 1 1
2042 1 2
2045 1 1