Key Information

inSight
Speeches
Speeches by Speaker
Norman T.L. Chan
Peter Pang
Eddie Yue
Arthur Yuen
Zeti Akhtar Aziz
Raymond Li
Edmond Lau
Esmond Lee
Meena Datwani
Vincent W.S. Lee
James Lau
Joseph Yam
Y K Choi
William Ryback
David Carse
Tony Latter
Andrew Sheng
Hans Genberg
Simon Topping
Michael Taylor
The Honourable Donald Tsang
Chen Yuan
Dai Xianglong
Don Brash
Jaime Caruana
Andrew Crockett
Mario Draghi
David Eldon
Stanley Fischer
Timothy F. Geithner
Stephen Grenville
Kenneth G. Lay
William McDonough
Ernest Patrikis
Glenn Stevens
Jean-Claude Trichet
Tarisa Watanagase
Zeti Akhtar Aziz
Carmen Chu
Alan Au
Press Releases
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
Press Releases by Category
Bogus Voice Message Phone Calls
Banking in Hong Kong
Fraudulent Websites, E-mails and Telephone System, and other fraud cases
Granting of Banking Licences
Exchange Fund
Table of Multiples of Notes and Payments for Allotted Amount under non-competitive tender
Table of Multiples of Notes and Payments of Application Amount under non-competitive tender
Tender of Exchange Fund Bills and Notes
Tender Results of Exchange Fund Bills and Notes
Tentative Issuance Schedule for Exchange Fund Bills and Notes
Appointments and Departures
HKMA Pay Review
HKMA Publications
Speeches
The Hong Kong Mortgage Corporation
Hong Kong Note Printing Limited
Hong Kong Institute for Monetary Research
Exchange Fund Investment Limited
Others
Hong Kong Financial Infrastructure
International Relations
Investment Products Related to Lehman Brothers
Monetary Policy
Notes and Coins
Renminbi business
Credit Card Lending Survey
Monetary Statistics
Residential Mortgage Survey
Year 2000
Others
Guidelines and Circulars
Guidelines
Circulars
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
515.5995

Press Releases

Hong Kong's Latest Foreign Currency Assets Figures Released

The Hong Kong Monetary Authority (HKMA) announced that the official foreign currency assets of Hong Kong were US$89.6 billion at the end of December 1998, an increase of US$1 billion from US$88.6 billion at the end of November 1998 (Table 1).

The increase in foreign currency assets is mainly attributable to an increase in the investment return on the foreign currency assets.

Hong Kong is now the world's fourth largest holder of foreign currency reserves after Japan, Mainland China and Taiwan (Table 2). The total foreign currency assets of US$89.6 billion represent over seven times the currency in circulation or about 40% of Hong Kong dollar M3, one of the highest ratios in the world.

Including unsettled forward contracts, the foreign currency assets of Hong Kong at the end of December 1998 were also US$89.6 billion (End-November: US$88.6 billion).

In November, the Hong Kong Special Administrative Region Government announced the merger of the assets of the Land Fund into the Exchange Fund. Henceforth, the announcement of the foreign currency figure is on a consolidated basis using the assets of the enlarged Exchange Fund.

Hong Kong Monetary Authority

28 January 1999

 

TABLE 1

Exchange Fund -- Foreign Currency Assets of Hong Kong (US$ billion)
- Excluding Unsettled FX ContractsUnsettled FX ContractsIncluding Unsettled FX Contracts
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 1996 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 69.9
February 1997 63.8 4.3 68.1
March 1997 63.4 4.3 67.7
April 1997 63.6 4.0 67.6
May 1997 66.6 1.8 68.4
June 1997 67.6 2.1 69.7
July 1997 * 81.7 2.6 84.3
August 1997 85.3 0.2 85.5
September 1997 88.1 0.7 88.8
October 1997 91.4 0.3 91.7
November 1997 96.5 0.4 96.9
December 1997 92.8 0.4 93.2
January 1998 98.1 - 98.1
February 1998 96.7 - 96.7
March 1998 96.8 0.1 96.9
April 1998 96.2 (0.1) 96.1
May 1998 96.4 - 96.4
June 1998 96.5 - 96.5
July 1998 96.5 (0.5) 96.0
August 1998 92.1 (4.5) 87.6
September 1998 88.4 (0.2) 88.2
October 1998 88.7 (0.2) 88.5
November 1998 # 88.6 - 88.6
December 1998 89.6 - 89.6

* For July 97 to October 98 inclusive, the figures reflect the aggregate of Exchange Fund and Land Fund figures. Figures for June 97 and prior months reflect the Exchange Fund's figures only. The Land Fund was established on 1 July 1997. Figures for the Land Fund prior to that date are therefore not available.

# In November 1998, the assets of the Land Fund were merged into the Exchange Fund.

 

TABLE 2

Foreign Currency Reserves Ranking
- - US$BNAs at end of
(1) Japan 215.9 Dec 1998
(2) China 145.0 Dec 1998
(3) Taiwan 90.3 Dec 1998
(4) Hong Kong 89.6 Dec 1998
(5) US 81.0 Oct 1998
(6) Germany 80.3 Dec 1998
(7) Singapore 75.0 Dec 1998
(8) Spain 69.5 Nov 1998
(9) Korea 52.0 Dec 1998
(10) France 49.8 Nov 1998

Source: HKMA, IMF, Reuters, Singapore Department of Statistics, and Bank of Korea

Last revision date: 1 August 2011
ABOUT THE HKMA
The HKMA
Tender Invitations
Careers@HKMA
Legislative Council Issues
Links
The HKMA Information Centre
KEY FUNCTIONS
Monetary Stability
Banking Stability
International Financial Centre
Exchange Fund
PUBLICATIONS & RESEARCH
Annual Report
Half-Yearly Monetary & Financial Stability Report
Quarterly Bulletin
HKMA Background Briefs
Reference Materials
Research
MARKET DATA & STATISTICS
CMU Bond Price Bulletin
Economic & Financial Data for Hong Kong
Monthly Statistical Bulletin
Monetary Statistics
KEY INFORMATION
Press Releases
Speeches
Guidelines & Circulars
Forthcoming Events
inSight
OTHER INFORMATION
Information in Other Languages (Bahasa Indonesia, हिन्दी, नेपाली, ਪੰਜਾਬੀ, Tagalog, ไทย, اردو)
Account Opening
Consumer Corner
Consumer Education Programme
Complaints about Banks
Complaints about SVF Licensees
Internet Banking
Fraudulent Bank Websites, Phishing E-mails and Similar Scams
Be Careful of Bogus Phone Calls and SMS Messages
Authenticate the Callers and Bank Hotline Numbers
Register of AIs & LROs
Register of Securities Staff of AIs
Register of SVF Licensees
Investment Products Related to Lehman Brothers
Photo Gallery