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 investment by Macao residents in securities issued by unrelated non-residents, in terms of market value and geographical distribution. The results of CPIS for the reference year 2011 are summarised as follows: On 31 December 2011, 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 amounted to MOP168.7 billion at current market value, up by 32.3% from a revised value of MOP127.5 billion at end-2010, a record high value since the inception of this survey in 2002. Among the total, equity securities, long-term debt securities and short-term debt securities were valued at MOP107.1 billion, MOP53.9 billion and MOP7.8 billion respectively. In comparison with the previous year, investment in equity securities, of which mutual funds and investment trust units accounted for MOP16.0 billion, soared by 49.9%. Investment in long-term debt securities and short-term debt securities rose by 4.2% and 76.1% respectively. In terms of geographical distribution, Macao residents' investment in securities issued by Hong Kong entities resumed its leading position, representing 37.9% of the total market value of local residents' portfolio investment outside Macao. The rest was mainly invested in Mainland China, the United States, the United Kingdom, the Cayman Islands, Luxembourg, Australia and Bermuda. Investment in securities issued by entities in Hong Kong amounted to MOP63.9 billion, a marked increase of 156.6% or MOP39.0 billion from end-2010. It consisted of MOP55.6 billion in equity securities, MOP7.6 billion in long-term debt securities and MOP0.7 billion in short-term debt securities, constituting 52.0%, 14.0% and 8.7% of the respective total. The share of investment in securities issued by entities on the Mainland (including those securities listed on non-Mainland exchanges) increased slightly from 20.7% at end-2010 to 21.0%. The corresponding market value increased by 34.2% to MOP35.5 billion, of which the investment in long-term debt securities and short-term debt securities rose markedly to MOP6.7 billion and MOP6.1 billion respectively, where the latter accounted for the largest share in the respective securities category, at 78.6%. The share of investment in European securities dropped by 9.0 percentage points from a year earlier to 16.8% and the corresponding market value also fell by 13.8%. Among the European countries, the United Kingdom continued to assume the largest share in the total securities investment (5.3%), with a market value of MOP8.9 billion at end-2011, which dropped 15.8% year-on-year. Meanwhile, the market value of Macao residents' portfolio investment in the Netherlands, France and Germany also plunged by 7.2%, 33.6% and 25.0% respectively. The share of US securities held by Macao residents slid from 8.0% at end-2010 to 6.2% but the corresponding market value rose by 2.8% year-on-year to MOP10.5 billion at end-2011. Investment in long-term US debt securities was valued at MOP7.9 billion, representing the largest share in the respective securities category. Investment in securities issued by Australian entities dropped by almost one third from one year earlier, bringing the share of Oceanian securities in the total portfolio investment down from 5.4% to 3.0% at end-2011.
