Coordinated Portfolio Investment Survey, 31 December 2013

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 31 December 2013 are summarised as follows: On 31 December 2013, 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 MOP391.0 billion at current market value, up by 26.3% from 30 June 2013 or 49.1% year-on-year. The significant growth in Macao residents' portfolio investment abroad was largely attributable to the increases in the MSAR's Fiscal Reserve and the provisional portfolio. Among the portfolio investment abroad of Macao residents, equity securities, long-term debt securities and short-term debt securities were valued at MOP171.6 billion, MOP203.8 billion and MOP15.6 billion respectively. In comparison with end-2012, investment in equity securities, of which mutual funds and investment trust units amounted to MOP25.6 billion, rose by 28.6%. Investment in long-term debt securities and short-term debt securities soared by 73.3% and 38.1% respectively. In terms of geographical distribution, Mainland China assumed the leading position, occupying 45.7% of the total market value of local residents' portfolio investment outside Macao. The rest was mainly invested in Hong Kong, the Cayman Islands, Luxembourg and the United States. Investment in securities issued by entities in Mainland China, including those securities listed on non-Mainland exchanges, amounted to MOP178.7 billion, growing notably by 37.9% from end-June 2013 or 92.9% from end-2012. It consisted of MOP23.8 billion in equity securities, MOP142.0 billion in long-term debt securities and MOP12.9 billion in short-term debt securities, constituting 13.9%, 69.7% and 83.1% of the respective total. The share of investment in securities issued by entities in Hong Kong fell from 32.4% a year earlier to 29.8% at end-2013. Nevertheless, the corresponding market value increased by 36.9% to MOP116.5 billion, of which investment in equity securities and long-term debt securities rose to MOP101.2 billion and MOP13.2 billion respectively. The share of investment in European securities dropped by 5.5 percentage points year-on-year to 8.7% and the corresponding market value contracted by 8.5% to MOP34.2 billion. Among the European countries, Luxembourg took the largest share with a total market value of MOP13.6 billion at end-2013, a year-on-year increase of 59.6%. On the other hand, the market value of Macao residents' portfolio investment in the United Kingdom slid by 12.4% year-on-year from a year earlier to MOP7.2 billion. Germany, France and the Netherlands also saw their market value of investment drop by 38.4%, 27.3% and 69.0% respectively. The market value of Macao residents' portfolio investment in various jurisdictions of the North Atlantic and Caribbean registered notable increases, driving the total market value of investment in this region to surge by 46.8% year-on-year to MOP30.5 billion, though its share in the total investment abroad dropped slightly to 7.8%. In particular, the market value of portfolio investment in the Cayman Islands, Bermuda and the British Virgin Islands grew by 54.7%, 27.9% and 50.1% to MOP17.4 billion, MOP6.7 billion and MOP6.3 billion respectively. The market value of Macao residents' investment in US securities grew by 3.8% year-on-year to MOP9.5 billion, notwithstanding that the corresponding share slid from 3.5% at end-2012 to 2.4% at end-2013. The investment in long-term US debt securities increased marginally by 0.4% to MOP6.7 billion, representing the third largest share in the corresponding category.

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