The Coordinated Portfolio Investment Survey (CPIS), jointly conducted by the Monetary Authority of Macao (AMCM) and the Statistics and Census Service (DSEC), is aimed at collecting information on Macao residents' investment in securities issued by unrelated non-residents, in terms of market value and geographical distribution. The results as at 30 June 2014 are summarised as follows: On 30 June 2014, investment of Macao residents (including individuals, the government and other legal entities but excluding Macao's foreign exchange reserves) in securities issued by unrelated non-residents reached a record-high of MOP416.9 billion at current market value, up by 6.6% from 31 December 2013 or 34.6% year-on-year. Among various instruments of portfolio investment, equity securities, long-term debt securities and short-term debt securities were valued at MOP164.6 billion, MOP230.6 billion and MOP21.6 billion respectively. In comparison with end-2013, investment in equity securities, of which mutual funds and investment trust units amounted to MOP36.9 billion, dropped by 4.1%. Investment in long-term debt securities and short-term debt securities grew by 13.0% and 40.4% respectively. By geographical distribution, the Asian region made up the largest share of Macao residents' external portfolio investment at 75.7%. The rest was mainly placed in Europe (8.8%), North Atlantic and Caribbean (8.6%), North America (4.1%) and Oceania (2.4%). Investment in securities issued by Mainland Chinese entities, including those securities listed on non-Mainland exchanges, continued to assume the leading position, occupying 47.5% of local residents' portfolio investment outside Macao. Its market value reached MOP198.1 billion, 10.8% up from end-2013 or 52.8% up from a year ago. The investment consisted of MOP24.1 billion in equity securities, MOP161.1 billion in long-term debt securities and MOP12.8 billion in short-term debt securities, constituting 14.7%, 69.8% and 59.3% of the respective total. On the other hand, the share of investment in securities issued by Hong Kong entities fell from 29.8% at end-2013 to 25.0%, with the corresponding market value falling by 10.6% to MOP104.0 billion, of which equity securities and long-term debt securities amounted to MOP81.7 billion and MOP13.7 billion respectively. The share of investment in European securities edged up by 0.1 percentage point from end-2013 to 8.8%, and the corresponding market value rose by 8.0% to MOP36.7 billion. Among European countries, Luxembourg took the largest share with a market value of MOP14.7 billion, an increase of 12.1% from end-2013. On the other hand, the market value of Macao residents' portfolio investment in the UK slid by 0.3% from six months ago to MOP7.2 billion. Investment in France, Germany and the Netherlands also dropped by 17.4%, 42.1% and 16.1% respectively in market value. Macao residents' portfolio investment in North Atlantic and Caribbean continued to increase. The market value of investment in this region rose by 16.9% from end-2013 to MOP35.9 billion, with its share in the total investment abroad rising to 8.6%. In particular, the market value of portfolio investment in the Cayman Islands and the British Virgin Islands swelled by 23.0% and 22.6% from six months ago to MOP21.5 billion and MOP7.7 billion respectively, whereas that in Bermuda trimmed by 1.9% to MOP6.6 billion. The bulk of investment in North America was placed in the USA. The market value of Macao residents' investment in US securities soared by 66.4% from end-2013 to MOP14.7 billion, pushing the corresponding share in the total portfolio investment abroad up from 2.3% to 3.5%. The market value of investment in long-term US debt securities grew by 17.0% in six months to MOP7.4 billion, representing the fourth largest share in the respective category. Macao residents' investment in long-term debt securities issued by Australian entities surged by 208.8% within half a year to a market value of MOP9.4 billion. It assumed the third place in the respective category and lifted the share of portfolio investment in Oceania from 1.0% six months ago to 2.4% at end-June 2014.
