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 2010 are summarised as follows: On 31 December 2010, 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 MOP125.7 billion at current market value, up by 8.1% from a revised value of MOP116.3 billion at end-2009, 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 MOP69.6 billion, MOP51.7 billion and MOP4.4 billion respectively. In comparison with the previous year, investment in equity securities, of which mutual funds and investment trust units accounted for MOP16.7 billion, soared by 13.9%. Investment in long-term debt securities rose modestly by 3.6% whereas that in short-term debt securities fell by 16.9%. In terms of geographical distribution, Macao residents' investment in securities issued by entities from Mainland China, including those securities listed on non-Mainland exchanges, surpassed the corresponding investment in Hong Kong entities for the first time, representing 20.5% of the total market value of local residents' portfolio investment outside Macao. The rest was mainly invested in Hong Kong, the United Kingdom, the United States, the Cayman Islands, Australia, Luxembourg and Bermuda. Investment in securities issued by entities in the Mainland amounted to MOP25.7 billion, a marked increase of 26.3% or MOP5.3 billion from end-2009. It consisted of MOP22.0 billion in equity securities, MOP3.6 billion in long-term debt securities and MOP0.1 billion in short-term debt securities, constituting 31.6%, 7.0% and 2.8% of the respective total. The share of investment in securities issued by Hong Kong entities fell slightly from 20.2% at end-2009 to 19.5%. However, the corresponding market value increased by 4.1% to MOP24.5 billion, of which the investment in long-term debt securities rose by 7.0% to MOP7.8 billion, accounting for the largest share in the respective securities category, at 15.0%. The share of investment in European securities dropped by 3.6 percentage points from a year earlier to 26.0% and the corresponding market value also fell by 5.0%. Among the European countries, the United Kingdom continued to assume the largest share in the total securities investment (8.3%), with a market value of MOP10.4 billion at end-2010. Meanwhile, portfolio investment in Luxembourg registered a hefty increase of 27.6% whereas investment in French and Dutch securities witnessed notable decreases of 24.1% and 21.6% respectively. The share of US securities held by Macao residents rebounded from 7.7% at end-2009 to 8.1%, and the corresponding market value rose by 13.0% year-on-year to MOP10.2 billion at end-2010. Investment in long-term US debt securities was valued at MOP7.6 billion, representing the second largest share in the respective securities category after Hong Kong. Investment in securities issued by Australian entities grew by 13.8% from one year earlier, bringing the share of Oceanian securities in the total portfolio investment up from 5.0% to 5.5% at end-2010.
