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Press Releases

Foreign Exchange Reserves Figure as at End-July 1997 Released

The Hong Kong Monetary Authority (HKMA) today announced that the official foreign exchange reserves of Hong Kong, including those held in the Land Fund, were US$81.7 billion at the end of July 1997 (end-June: US$82.9 billion), placing Hong Kong at the fifth position in world ranking.

As at end of July, the foreign reserves held in the Exchange Fund were US$66.1 billion (end-June: US$67.6 billion) and those in the Land Fund were US$15.6 billion (end-June: US$15.3 billion). The slight decrease of the Exchange Fund foreign reserves was due to seasonal factors.

"US dollars were used to redeem currency notes in July as currency in circulation returned to normal levels after the relatively high level over the long weekend at the end of June. July was also one of the drier months of the year when Government had to draw down its fiscal reserves placed with the Exchange Fund," said an HKMA spokesman.

The foreign reserves figures published exclude forward transactions yet to be settled. Including forward transactions, the foreign reserves held in the Exchange Fund and the Land Fund were US$68.6 billion and US$15.7 billion respectively.

Hong Kong Monetary Authority
29 August 1997

 

Exchange Fund
Foreign Currency Assets
(US$ billion)


Excluding forward transactionsNet forward
transactions
Including forward transactions
March 95 52.4 (0.2) 52.2
June 95 53.6 - 53.6
September 95 51.8 2.8 54.6
December 95 55.4 1.8 57.2
March 96 58.1 1.7 59.8
June 96 57.3 2.7 60.0
September 96 55.4 6.7 62.1
December 96 63.8 5.7 69.6
January 97 65.9 5.2 71.1
February 97 63.8 4.3 68.1
March 97 63.4 4.3 67.7
April 97 63.6 4.0 67.6
May 97 66.6 1.8 68.4
June 97 67.6 2.1 69.7
July 97 66.1 2.5 68.6

 

Foreign Exchange Reserves Ranking

1. Japan US$222 billion Jul 97
2. China US$126 billion Jul 97
3. Taiwan US$89 billion Jul 97
4. Germany US$85 billion Jun 97
5. Hong Kong US$81 billion Jul 97
  Singapore US$81 billion Jun 97
6. US US$70 billion May 97
7. Spain US$64 billion Jun 97
8. Brazil US$58 billion May 97
9.   Italy US$45 billion Jun 97
 


Source: HKMA, IFS, Reuters

Last revision date: 1 August 2011
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