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Foreign Exchange Reserves of Hong Kong at end-January 1997

The Hong Kong Monetary Authority (HKMA) announced today that, as at the end of January 1997, Hong Kong's foreign reserves held in the Exchange Fund stood at US$65.9 billion, up from the corresponding figure at the end of December last year of US$63.8 billion. This reflected largely the increase of foreign reserves held in the Exchange Fund as backing for additional banknotes issued ahead of the Lunar New Year.

Including forward transactions to be settled, Hong Kong's foreign reserves at the end of January 1997 stood at US$71.1 billion, compared with US$69.6 billion at the end of December 1996.

This is the first time the HKMA moved on to monthly disclosure on foreign exchange reserves of Hong Kong, as part of the ongoing effort to increase transparency of the HKMA's operations. An HKMA spokesman cautioned, however, that "monthly figures are likely to show sharp seasonal variations."

Hong Kong Monetary Authority
27 February 1997

Foreign Reserves Ranking

1. Japan US$217 billion Jan-97
2. China US$105 billion Dec-96
3. Germany US$88 billion Dec-96
4. Taiwan US$88 billion Dec-96
5. United States US$77 billion Dec-96
6. Singapore US$77 billion Dec-96
7. Hong Kong US$65.9 billion Jan-97
8. Spain US$59 billion Dec-96


Sources: IMF, HKMA

Exchange Fund Foreign Currency Assets

(US$ Bn)      
  Excluding forwardNet forwardIncluding forward
  transactions transactions transactions
Mar-95 52.4 -0.2 52.2
Jun-95 53.6 - 53.6
Sep-95 51.8 2.8 54.6
Dec-95 55.4 1.8 57.2
Mar-96 58.1 1.7 59.8
Jun-96 57.3 2.7 60
Sep-96 55.4 6.7 62.1
Dec-96 63.8 5.7 69.6*
Jan-97 65.9 5.2 71.1

*Does not cross-add due to rounding

Last revision date: 1 August 2011
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