Balance of Payments (BoP) statistics are important for monetary and financial monitoring and policy deliberations in different areas in both local and international contexts. In analysing the BoP account, the first glance is often at the overall balance of payments (or overall BoP balance). The overall BoP balance represents the sum of balances of the current account and the non-reserve portion of the capital and financial account, plus net errors and omissions. In other words, the overall BoP balance is the mirror image of transaction changes in reserve assets. Hence, the analysis and interpretation of the overall BoP balance and that of the net transactions of reserve assets should be taken together. This article briefly explains the conceptual meaning of the overall BoP balance and its interpretation in assessing the external payment conditions. It also presents salient features of the overall BoP balance and reserve assets of Hong Kong in the past decade.