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Latest Hong Kong's Foreign Reserves Figures Released

The Hong Kong Monetary Authority (HKMA) announced that the official foreign exchange reserves of Hong Kong, including those held in the Land Fund, were US$91.8 billion at the end of October 1997, an increase of 4.2% over that at the end of September (US$88.1 billion). Hong Kong has the third largest foreign reserves in the world, after Japan and Mainland China.

As at the end of October, the foreign reserves held in the Exchange Fund were US$74.4 billion (end-September: US$71.4 billion) and those in the Land Fund were US$17.4 billion (end-September: US$16.7 billion).

The increase in foreign currency assets in the Exchange Fund represented capital inflows into Hong Kong in October notwithstanding some shorting of Hong Kong dollars by speculators in the second half of the month, as currency turmoil spread around the region. The increase in foreign currency assets in the Land Fund reflects investment related purchases.

Including outstanding forward transactions, the foreign reserves held in the Exchange Fund and the Land Fund were US$74.8 billion (end-September: US$71.7 billion) and US$17.3 billion (end-September: US$17.1 billion) respectively.

(Tables showing the foreign exchange reserves ranking and the breakdown of the Exchange Fund and Land Fund foreign currency assets are attached.)

Hong Kong Monetary Authority

27 November 1997

 


Foreign Exchange Reserves Ranking
US$BN As at end of
(1) Japan 228.2 Oct 97
(2) China 134.1 Sep 97
(3) Hong Kong 91.8 Oct 97
(4) Taiwan 82.9 Oct 97
(5) Germany 81.7 Sep 97
(6) Singapore 77.4 Sep 97
(7) Spain 68.2 Sep 97
(8) US 68.1 Aug 97
(9) Brazil 61.8 Aug 97
(10) Italy 58.1 Sep 97

Source: HKMA, IMF, Reuters


 

Exchange Fund -- Foreign Currency Assets (US$ billion)
Excluding forward transactions Net forward transactions Including forward transactions
End- Jan 97 65.9 5.2 71.1
End- Feb 97 63.8 4.3 68.1
End- Mar 97 63.4 4.3 67.7
End- Apr 97 63.6 4.0 67.6
End- May 97 66.6 1.8 68.4
End- Jun 97 67.6 2.1 69.7
End- Jul 97 66.1 2.5 68.6
End- Aug 97 69.5 0.1 69.6
End- Sep 97 71.4 0.3 71.7
End- Oct 97 74.4 0.4 74.8

 

Land Fund -- Foreign Currency Assets (US$ billion)
Excluding forward transactions Net forward transactions Including forward transactions
End- Jul 97 15.6 0.1 15.7
End- Aug 97 15.8 0.1 15.9
End- Sep 97 16.7 0.4 17.1
End- Oct 97 17.4 (0.1) 17.3

 

Note: The Land Fund was established on 1 July 1997. Figures prior to that date are therefore not available

Last revision date: 1 August 2011
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