The Coordinated Portfolio Investment Survey (CPIS), jointly conducted by the Monetary Authority of Macao (AMCM) and the Statistics and Census Service (DSEC) since 2002 in compliance with the International Monetary Fund’s statistical methodology, 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 end-2015 are summarised as follows: On 31 December 2015, 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 MOP438.8 billion at current market value, which remained virtually unchanged from end-June 2015 yet increased by 10.0% year-on-year. Among various instruments of portfolio investment, equity securities, long-term debt securities and short-term debt securities were valued at MOP170.1 billion, MOP247.3 billion and MOP21.5 billion respectively. In comparison with end-2014, investment in equity securities, of which mutual funds and investment trust units amounted to MOP41.8 billion, increased by 10.0%. Investment in long-term debt securities and short-term debt securities grew by 8.0% and 40.9% respectively. By geographical distribution, the Asian region continued to make up the largest share of Macao residents’ external portfolio investment, at 63.5%. The rest was mainly placed in the North Atlantic and Caribbean (12.2%), Europe (10.5%), North America (10.0%) and Oceania (3.2%). Investment in securities issued by Mainland Chinese entities, including those securities listed on non-Mainland exchanges, continued to assume the leading position, occupying 46.7% of local residents’ portfolio investment outside Macao. Its market value reached MOP205.1 billion, registering an increase of 6.4% from end-2014. The investment consisted of MOP51.5 billion in equity securities, MOP140.5 billion in long-term debt securities and MOP13.0 billion in short-term debt securities, constituting 30.3%, 56.8% and 60.8% of the respective total. On the other hand, the share of investment in securities issued by Hong Kong entities fell from 18.3% at end-2014 to 13.2%, with the corresponding market value decreasing by 20.8% to MOP57.9 billion, of which equity securities and long-term debt securities amounted to MOP37.8 billion and MOP15.1 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 29.6% from end-2014 to MOP53.4 billion, with its share in the total investment abroad rising from 10.3% to 12.2%. In particular, the market value of portfolio investment in the Cayman Islands, the British Virgin Islands and Bermuda grew by 8.1%, 86.8% and 27.1% year-on-year to MOP27.0 billion, MOP18.1 billion and MOP8.2 billion respectively. Although the share of investment in European securities dipped by 0.1 percentage point from end-2014 to 10.5%, the corresponding market value increased by 9.4% to MOP46.2 billion. Among European countries, the United Kingdom, Luxembourg, Switzerland and Ireland represented larger portions with market values of MOP11.7 billion, MOP11.3 billion, MOP5.2 billion and MOP5.1 billion respectively. The bulk of investment in North America was placed in the United States. The market value of Macao residents’ investment in US securities soared considerably by 81.4% from end-2014 to MOP41.0 billion, pushing the corresponding share in the total portfolio investment abroad up from 5.7% to 9.3%. Of which, the market value of investment in mutual funds and investment trust units surged by 184.0% to MOP10.7 billion, representing the largest share in the corresponding category. As at end-2015, Macao residents’ investment in securities issued by Australian entities increased by 55.8% year-on-year to MOP14.1 billion at market value, lifting the share of portfolio investment in Oceania from 2.3% to 3.2%.
