Coordinated Portfolio Investment Survey - 31 December 2022
According to the statistics released today by the Monetary Authority of Macao, on 31 December 2022, 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 MOP1,024.6 billion at current market value, representing a rise of 1.8% from end-June 2022 or a fall of 6.7% from end-2021. 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 MOP338.9 billion, MOP595.5 billion and MOP90.2 billion respectively. As compared with a year ago, the market values of equity securities and long-term debt securities decreased by 12.9% and 8.0% respectively whereas short-term debt securities increased by 46.6%.
By geographical distribution, the Asian region continued to occupy the largest share of Macao residents’ external portfolio investment, at 51.2%. The rest was mainly placed in North America (16.6%), the North Atlantic and Caribbean (15.5%), Europe (13.7%) and Oceania (1.3%).
Investment in securities issued by Mainland Chinese entities, including those securities listed on non-Mainland exchanges, continued to assume the leading position, occupying 31.7% of local residents’ portfolio investment outside Macao. Its market value decreased by 18.3% from end-2021 to MOP325.3 billion. The investment consisted of MOP108.3 billion in equity securities, MOP171.8 billion in long-term debt securities and MOP45.1 billion in short-term debt securities, taking up 32.0%, 28.9% and 50.0% of the respective total. On the other hand, the share of investment in securities issued by Hong Kong SAR entities rose from 12.2% to 12.3%; the corresponding market value decreased by 5.9% to MOP126.3 billion, of which equity securities and long-term debt securities amounted to MOP55.7 billion and MOP53.9 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 increased by 17.3% from end-2021 to MOP149.0 billion while its share in total external portfolio investment rose from 11.6% to 14.5%.
The market value of Macao residents’ portfolio investment in the North Atlantic and Caribbean decreased by 10.4% from end-2021 to MOP159.0 billion while its share in total external securities investment reduced from 16.2% to 15.5%; the market value of portfolio investment in the British Virgin Islands fell by 9.9% to MOP78.2 billion.
Investment in European securities rose by 0.3 percentage points to 13.7% in share but decreased by 4.8% to MOP140.1 billion in market value from end-2021. Among the European countries, the portfolio investment in Luxembourg, the United Kingdom and Ireland took up larger portions, marking at MOP35.2 billion, MOP32.4 billion and MOP27.6 billion respectively.
The market value of Macao residents’ investment in countries along the “Belt and Road” (excluding China) decreased by 1.2% from end-2021 to MOP92.5 billion, equivalent to 9.0% of total external portfolio investment. Meanwhile, the market value of portfolio investment in Portuguese-speaking countries was MOP935.0 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.