Dec 31 (Reuters) - Assets at the Exchange Fund, which is used to back the Hong Kong dollar, totalled HK$2,950.0 billion ($380.41 billion) at the end of November, the Hong Kong Monetary Authority (HKMA) said on Tuesday.
The figure was HK$29.4 billion higher than the total at the end of October, with foreign currency assets and Hong Kong dollar assets rising HK$11.1 billion and HK$18.3 billion respectively, the city’s de facto central bank said in a statement.
The HKMA said the rise in foreign currency assets was mainly due to purchases of foreign currencies with Hong Kong dollars.
The rise in Hong Kong dollar assets was mainly due to placements received from fiscal reserves and valuation gains on Hong Kong equities. These increases were partly offset by sales of Hong Kong dollars for foreign currencies.
$1 = 7.7549 Hong Kong dollars Reporting by Twinnie Siu in HONG KONG; Editing by Sunil Nair