ENG-2006 — Page 129

Financial and Monetary Affairs | 101

On December 31, 2006, the Exchange Fund's total assets stood at $1,176.7 billion, of which foreign currency assets amounted to $1,045.9 billion (or US$134.5 billion). The accumulated surplus of the Exchange Fund amounted to $507.7 billion. The fund's financial position from 2001 to 2006 inclusive is shown in the Appendices. Foreign currency asset figures have been published monthly since January 1997 to demonstrate the Government's continued commitment to greater openness and transparency. In addition, an abridged balance sheet of the Exchange Fund and a set of Currency Board accounts are published monthly.

Another function related to the Exchange Fund is currency issuance. Bank notes in denominations of $20, $50, $100, $500 and $1,000 are issued by the three note- issuing banks: Standard Chartered Bank (Hong Kong) Limited, the Hongkong and Shanghai Banking Corporation Limited and Bank of China (Hong Kong) Limited. The note-issuing banks may issue currency notes only by surrendering non-interest- bearing US dollar backing at a fixed exchange rate of $7.80. Thus the fund enjoys the seigniorage from the notes.

Through the HKMA, the Government issues $10 currency notes and coins of $10, $5, $2, $1, 50 cents, 20 cents and 10 cents denominations. The value of all notes and coins in circulation at year-end was $164.5 billion.

Home Pages

Financial Services and the Treasury Bureau: www.fstb.gov.hk Office of the Commissioner of Insurance: www.oci.gov.hk Official Receiver's Office: www.oro.gov.hk

Companies Registry: www.cr.gov.hk

Hong Kong Monetary Authority: www.hkma.gov.hk

Securities and Futures Commission: www.sfc.hk

Mandatory Provident Fund Schemes Authority: www.mpfahk.org Hong Kong Exchanges and Clearing Limited: www.hkex.com.hk InvestEd: www.invested.hk