Hong Kong's Latest Foreign Currency Reserve Assets Figures Released

Press Releases

07 Dec 2004

Hong Kong's Latest Foreign Currency Reserve Assets Figures Released

The Hong Kong Monetary Authority (HKMA) announced today (Tuesday) that the official foreign currency reserve assets of Hong Kong amounted to US$121.5 billion at the end of November 2004 (end-October 2004: US$119.5 billion) (Table 1).

Including unsettled forward contracts, the foreign currency reserve assets of Hong Kong at the end of November 2004 also stood at US$121.5 billion (end-October 2004: US$120.0 billion).

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

The total foreign currency reserve assets of US$121.5 billion represent over six times the currency in circulation or 44% of Hong Kong dollar M3.

For further enquiries, please contact:

Jasmin Fung, Manager (Press), at 2878 8246 or
Kevin Ip, Manager (Press), at 2878 1687

Hong Kong Monetary Authority
7 December 2004

 

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 December 2004, the scheduled dates for issuing the press releases are as follows:

 

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

 

Table 1

Foreign Currency Reserve Assets of Hong Kong

 

(US$ billion)

 

Excluding Unsettled
FX Contracts

Unsettled
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

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

May 03

116.1

-

116.1

Jun 03

114.4

(0.2)

114.2

Jul 03

112.6

-

112.6

Aug 03

111.8

(0.4)

111.4

Sep 03

112.1

-

112.1

Oct 03

112.4

-

112.4

Nov 03

114.1

-

114.1

Dec 03

118.4

0.5

118.9

       

Jan 04

123.6

-

123.6

Feb 04

123.5

-

123.5

Mar 04

123.8

-

123.8

Apr 04

122.1

-

122.1

May 04

120.1

-

120.1

Jun 04

120.8

-

120.8

Ju1 04

118.3

-

118.3

Aug 04

118.5

-

118.5

Sep 04

118.4

-

118.4

Oct 04

119.5

0.5

120.0

Nov 04*

121.5

-

121.5

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.

* The latest monthly figures are preliminary and subject to change.

Table 2

Official Reserves Ranking

   

US$ billion

At end of

(1)

Japan

840.1

Nov 2004

(2)

Mainland China

514.5

Sep 2004

(3)

Taiwan

239.1

Nov 2004

(4)

Korea

192.6

Nov 2004

(5)

India

126.9

Nov 2004

(6)

Hong Kong

121.5

Nov 2004

(7)

Russia

117.1

Nov 2004

(8)

Singapore

105.8

Oct 2004

(9)

Germany

94.7

Oct 2004

(10)

US

85.9

Nov 2004

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

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Last revision date : 07 December 2004