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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 amounted to US$89.5 billion at the end of April 1999, unchanged from the end-March position. (Table 1).

Including unsettled forward contracts, the foreign currency assets of Hong Kong at the end of April 1999 also stood at US$89.5 billion (End-March: US$89.5 billion).

Hong Kong remains the world's fourth largest holder of foreign currency reserves after Japan, Mainland China and Taiwan (Table2). The total foreign currency assets of US$89.5 billion represent over seven times the currency circulation or about 40% of Hong Kong dollar M3, one of the highest ratios in the world.

Hong Kong Monetary Authority

7 May 1999

Table 1

Foreign Currency Assets of Hong Kong

(US$ billion)

              Excluding                   Including
              Unsettled     Unsettled     Unsettled
              FX Contracts  FX Contracts  FX Contracts

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           60.0 
Sep 96        55.4          6.7           62.1 
Dec 96        63.8          5.7           69.6 
Jan 97        65.9          5.2           71.1 
Feb 97        63.8          4.3           68.1 
Mar 97        63.4          4.3           67.7 
Apr 97        63.6          4.0           67.6 
May 97        66.6          1.8           68.4 
Jun 97        67.6          2.1           69.7 
Jul 97*       81.7          2.6           84.3 
Aug 97        85.3          0.2           85.5 
Sep 97        88.1          0.7           88.8 
Oct 97        91.4          0.3           91.7 
Nov 97        96.5          0.4           96.9 
Dec 97        92.8          0.4           93.2 
Jan 98        98.1            -           98.1 
Feb 98        96.7            -           96.7 
Mar 98        96.8          0.1           96.9 
Apr 98        96.2         (0.1)          96.1 
May 98        96.4            -           96.4 
Jun 98        96.5            -           96.5 
Jul 98        96.5         (0.5)          96.0 
Aug 98        92.1         (4.5)          87.6 
Sep 98        88.4         (0.2)          88.2 
Oct 98        88.7         (0.2)          88.5 
Nov 98#       88.6            -           88.6 
Dec 98        89.6            -           89.6
Jan 99        90.1            -           90.1
Feb 99        89.8            -           89.8
Mar 99        89.5            -           89.5
Apr 99        89.5            -           89.5

* 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$ billion     As at end of
(1)  Japan             223.1           Apr 1999
(2)  China             146.6           Mar 1999
(3)  Taiwan            95.1            Apr 1999
(4)  Hong Kong         89.5            Apr 1999
(5)  US                82.4            Jan 1999
(6)  Singapore         71.8            Mar 1999
(7)  France            68.5            Mar 1999
(8)  Germany           68.2            Jan 1999
(9)  Korea             59.3            Apr 1999
(10) Spain             49.5            Mar 1999

Sources: HKMA, IMF, Reuters and Singapore Department of Statistics

Last revision date: 1 August 2011
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