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5 Financial risk management objectives and
policies
(continued)
(b) Liquidity risk
(continued)
Apart from certain accounts payable and loans from
government which are not expected to be settled within one
year after the end of the reporting period as disclosed in Notes
19 and 21, all other financial liabilities, which are non-interest
bearing, are expected to be settled within one year.
(c) Market risk
Market risk is the risk of loss arising from the movement of
foreign exchange rates, interest rates and market price of
securities. The Housing Society is exposed to market risk
through its investments in equities and fixed income
investments.
(i) Foreign exchange risk
The Housing Society’s foreign currency positions arise
mainly from its financial assets/liabilities denominated in
currencies other than Hong Kong dollar and United States
dollar. The exchange risk between Hong Kong dollar and
United States dollar is considered insignificant since
Hong Kong dollar is pegged to United States dollar.
The Housing Society is exposed to foreign currency risk
through its fixed deposits, equity investments and fixed
income investments. The foreign exchange risk on fixed
deposits is controlled and monitored by allocation limits.
The equity and fixed income investments, which are
managed by fund managers, are denominated in a basket
of currencies. The fund managers are encouraged to
hedge their foreign currency exposures to Hong Kong
dollar or United States dollar in accordance with the
strategic asset allocation.
Sensitivity analysis
The following table indicates the instantaneous change in
the Housing Society’s surplus that would arise if foreign
exchange rates to which the Housing Society has
significant exposure at the end of the reporting period
had changed at that date, assuming all other risk variables
remained constant.
5
財務風險管理目標及政策
（續）
(b)
流通風險
（續）
除在附註十九以及二十一披露某部
分的應付賬項及政府貸款將於一年
以後到期外，其他無利息負債將於
一年內到期償還。
(c)
市場風險
市場風險是因外幣對換價、利率及
證券入市價的變動所產生的損失。
房屋協會因透過股票及固定收益組
合投資而須面對此等市場風險。
(i)
外幣對換風險
房屋協會的外幣持倉主要來
自其非港元及美元的外幣財
務資產及財務負債。而因港
元及美元的對換已是掛鉤，
所以對換風險不大。
房屋協會面對外幣對換風險
主要是來自定期存款、股票
及固定收益組合。外幣定期
存款的風險是以分配限額來
控制及監察。以一籃子貨幣
列賬的股票及固定收益組合
則由基金經理管理，並根據
資產分配策略將外幣對沖為
港元或美元。
敏感度分析
下表顯示於報告期末及於當
日發生之外幣匯率變動對房
屋協會之盈餘之可能合理變
動（假設其他風險因素維持
不變）。
Hong Kong Housing Society Annual Report 2016
130
Notes to the Financial Statements
財務報表附註
FINANCIAL STATEMENTS
財務報表