Coordinated Portfolio Investment Survey – 31 December 2020

According to the statistics released today by the Monetary Authority of Macao, on 31 December 2020, 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 MOP1,025.0 billion at current market value, representing a rise of 6.4% from end-June 2020 or 11.3% from end-2019. Among the various instruments of portfolio investment, equity securities (including mutual funds and investment trust units), long-term debt securities and short-term debt securities were valued at MOP346.2 billion, MOP621.0 billion and MOP57.7 billion respectively. As compared with end-2019, equity securities, long-term debt securities and short-term debt securities increased by 15.5%, 6.8% and 46.5% respectively.

By geographical distribution, the Asian region continued to occupy the largest share of Macao residents’ external portfolio investment, at 56.2%. The rest was mainly placed in the North Atlantic and Caribbean (17.3%), North America (11.8%), Europe (11.3%) and Oceania (1.8%).

Investment in securities issued by Mainland Chinese entities, including those securities listed on non-Mainland exchanges, continued to assume the leading position, occupying 36.6% of local residents’ portfolio investment outside Macao. Its market value increased by 4.1% from end-2019 to MOP375.3 billion. The investment consisted of MOP135.2 billion in equity securities, MOP210.3 billion in long-term debt securities and MOP29.8 billion in short-term debt securities, taking up 39.1%, 33.9% and 51.6% of the respective total. Meanwhile, the share of investment in securities issued by Hong Kong SAR entities rose from 12.8% to 13.6%; the corresponding market value grew by 18.3% to MOP139.5 billion, of which equity securities and long-term debt securities amounted to MOP62.2 billion and MOP53.6 billion respectively.

Macao residents’ portfolio investment in the North Atlantic and Caribbean continued to increase. The market value of investment in this region rose by 1.9% from end-2019 to MOP177.2 billion, whereas its share in total external securities investment decreased from 18.9% to 17.3%; the market value of portfolio investment in the Cayman Islands grew by 11.3% to MOP90.1 billion.

The bulk of investment in North America was placed in the United States. The market value of Macao residents’ investment in US securities rose by 32.0% from end-2019 to MOP107.7 billion while its share in the total external portfolio investment increased correspondingly from 8.9% to 10.5%.

Investment in European securities grew by 0.7 percentage points to 11.3% in share and increased by 19.0% to MOP116.2 billion in market value from end-2019. Among the European countries, portfolio investment in the United Kingdom, Luxembourg and Ireland took up larger portions, valued at MOP28.2 billion, MOP24.2 billion and MOP16.5 billion respectively.

The market value of Macao residents’ investment in countries along the “Belt and Road” (excluding China) rose by 12.6% from end-2019 to MOP78.8 billion, equivalent to 7.7% of total external portfolio investment. Meanwhile, the market value of portfolio investment in Portuguese-speaking countries was MOP494.1 million, which was placed in securities issued by entities in Portugal and Brazil.

The compilation of Coordinated Portfolio Investment Survey (CPIS), jointly conducted by the Monetary Authority of Macao (AMCM) and the Statistics and Census Service (DSEC), follows the methodology advocated by the International Monetary Fund.

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