Hong Kong's Latest Foreign Currency Reserve Assets Figures Released

Press Releases

07 May 2003

Hong Kong's Latest Foreign Currency Reserve Assets Figures Released

The Hong Kong Monetary Authority (HKMA) announced today (Wednesday) that the official foreign currency reserve assets of Hong Kong amounted to US$114.2 billion at the end of April 2003 (end-March 2003: US$113.6 billion) (Table 1).

Including unsettled forward contracts, the foreign currency reserve assets of Hong Kong at the end of April 2003 also stood at US$114.2 billion (end-March 2003: US$113.6 billion).

In terms of foreign currency reserves ranking, Hong Kong is the world's fifth largest holder of foreign currency reserves, after Japan, Mainland China, Taiwan and Korea (Table 2).

The total foreign currency reserve assets of US$114.2 billion represent nearly seven times the currency in circulation or about 45% of Hong Kong dollar M3, one of the highest ratios in the world.

For further enquiries, please contact:

Jasmin Fung, Manager (Press), at 2878 8246 or
Thomas Chan, Senior Manager (Press), at 2878 1480

Hong Kong Monetary Authority
7 May 2003

 

At present, four press releases relating to the Exchange Fund's data are issued by the HKMA each month. Three of these releases are issued to disseminate monetary data in accordance with the International Monetary Fund's Special Data Dissemination Standard (SDDS). The fourth press release, on the Exchange Fund's Abridged Balance Sheet and Currency Board Account, is made in accordance with the HKMA's policy of maintaining a high level of transparency. For the month of May 2003, the scheduled dates for issuing the press releases are as follows:

7 May SDDS International Reserves (Hong Kong's Latest Foreign Currency Reserve Assets Figures)
14 May SDDS Analytical Accounts of the Central Bank (Exchange Fund Balance Sheet Data)
30 May Exchange Fund Abridged Balance Sheet and Currency Board Account
30 May SDDS Template on International Reserves and Foreign Currency Liquidity

Table 1

Foreign Currency Reserve Assets of Hong Kong

(US$ billion)

Excluding Unsettled
FX Contracts

Unsettled0
FX Contracts

Including
Unsettled
FX Contracts

Dec 95

55.4

1.8

57.2

Dec 96

63.8

5.7

69.6

Dec 97

92.8

0.4

93.2

Dec 98

89.6

-

89.6

Dec 99

96.3

-

96.3

Dec 00

107.5

-

107.5

Dec 01

111.2

-

111.2

Jan 02

111.3

-

111.3

Feb 02

111.3

-

111.3

Mar 02

110.2

-

110.2

Apr 02

110.9

-

110.9

May 02

111.3

-

111.3

Jun 02

112.4

-

112.4

Jul 02

112.5

-

112.5

Aug 02

112.3

(0.2)

112.1

Sep 02

111.2

-

111.2

Oct 02

110.6

-

110.6

Nov 02

111.0

-

111.0

Dec 02

111.9

-

111.9

Jan 03

115.6

-

115.6

Feb 03

113.7

-

113.7

Mar 03

113.6

-

113.6

Apr 03

114.2

-

114.2

Figures for the end of 1995 and 1996 do not include Land Fund figures. The Land Fund was established on 1 July 1997 and its foreign currency reserve assets were included thereafter in the above compilation. The assets of the Land Fund were merged into the Exchange Fund in November 1998.

Table 2

Official Reserves Ranking

US$ billion

As at end of

(1)

Japan

496.2

Mar 2003

(2)

Mainland China

316.0

Mar 2003

(3)

Taiwan

170.6

Apr 2003

(4)

Korea

123.6

Apr 2003

(5)

Hong Kong

114.2

Apr 2003

(6)

Germany

89.9

Mar 2003

(7)

Singapore

83.5

Mar 2003

(8)

US

79.4

Mar 2003

(9)

India

77.0

Apr 2003

(10)

Switzerland

61.6

Mar 2003

 

 

Sources : HKMA, Reuters, websites of International Monetary Fund, People's Bank of China

Latest Press Releases
Last revision date : 07 May 2003