The Exchange Fund's total assets increased $17.8 billion to $994.4 billion in November.

The Monetary Authority said both foreign currency assets and Hong Kong dollar assets rose, by $11.1 billion and $6.7 billion respectively.

Foreign currency assets swelled as there were purchases of foreign currencies from Hong Kong dollars and valuation gains on foreign currency investments. For Hong Kong dollar assets, the increase was mainly due to placements received from fiscal reserves and an increase in the balance of the banking system.

The increases were partly offset by the sale of Hong Kong dollars for foreign currencies and a decrease in bank borrowings.

The month also saw an increase of the monetary base by $8.5 billion, or 3.3%, to $268.8 billion. This was caused by increases in Certificates of Indebtedness and the Aggregate Balance.

Backing assets also went up, by $8.8 billion, or 3%, to $298.3 billion. The authority said the surge was mainly attributable to the corresponding increases in Certificates of Indebtedness and the Aggregate Balance in the monetary base.

At the end of November, the backing ratio stood at 110.95%, compared to 111.23% a month earlier.