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Press Releases

Hong Kong's Latest Foreign Currency Reserve Assets Figures Released

The Hong Kong Monetary Authority (HKMA) announced today (8 January) that the official foreign currency reserve assets of Hong Kong amounted to US$107.5 billion at the end of December 2000 (end-November: US$104.2 billion) (Table 1).

Including unsettled forward contracts, the foreign currency reserve assets of Hong Kong at the end of December 2000 also stood at US$107.5 billion (end-November: US$104.2 billion).

According to an HKMA spokesperson, the US$3.3 billion increase in settled foreign currency assets in the month of December was mainly due to evaluation gains on foreign currency investments and increase in currency notes outstanding.

In terms of foreign currency reserves ranking, Hong Kong is now the world's third largest holder of foreign currency reserves, after Japan and Mainland China (Table 2).

The total foreign currency reserve assets of US$107.5 billion represent about eight times the currency in circulation or about 42% of Hong Kong dollar M3, one of the highest ratios in the world.

For further enquiries, please contact:

Jasmin Fung, Manager (Press), at 2878 8246 or

Caitlin Wong, Manager (Press), at 2878 1687

Hong Kong Monetary Authority

8 January 2001

 

At present, four press releases relating to the Exchange Fund's data are issued by the HKMA each month. Three of these releases are issued to disseminate monetary data in accordance with the International Monetary Fund's Special Data Dissemination Standard (SDDS). The fourth press release, on the Exchange Fund's Abridged Balance Sheet and Currency Board Account, is made in accordance with the HKMA's policy of maintaining a high level of transparency. For the month of January 2001, the scheduled dates for issuing the press releases are as follows:

8 January SDDS International Reserves (Hong Kong's Latest Foreign Currency Reserve Assets Figures)
15 January SDDS Analytical Accounts of the Central Bank (Exchange Fund Balance Sheet Data)
22 January Exchange Fund Abridged Balance Sheet and Currency Board Account
31 January SDDS Template on International Reserves and Foreign Currency Liquidity

Table 1

Foreign Currency Reserve Assets of Hong Kong
(US$ billion)
                Excluding                   Including
                Unsettled     Unsettled     Unsettled
                FX Contracts  FX Contracts  FX Contracts
Dec 95          55.4          1.8           57.2 
Dec 96          63.8          5.7           69.6 
Dec 97          92.8          0.4           93.2 
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 May 99 88.9 - 88.9 Jun 99 88.6 - 88.6 Jul 99 89.1 - 89.1 Aug 99 89.2 0.1 89.3 Sep 99 90.4 - 90.4 Oct 99 90.4 - 90.4 Nov 99 92.1 0.5 92.6 Dec 99 96.3 - 96.3 Jan 00 94.3 (0.1) 94.2 Feb 00 93.1 - 93.1 Mar 00 93.8 0.1 93.9 Apr 00 93.9 0.3 94.2 May 00 95.2 0.2 95.4 Jun 00 97.1 - 97.1 Jul 00 98.9 - 98.9 Aug 00 100.4 (0.3) 100.1 Sep 00 101.5 0.2 101.7 Oct 00 102.7 - 102.7 Nov 00 104.2 - 104.2 Dec 00 107.5 - 107.5

Figures for the end of 1995 and 1996 do not include Land Fund figures. The Land Fund was established on 1 July 1997 and its foreign currency reserve assets were included thereafter in the above compilation. The assets of the Land Fund were merged into the Exchange Fund in November 1998.

Table 2

Foreign Currency Reserves Ranking
                       US$ billion     As at end of

(1)  Japan             354.6             Nov 2000

(2)  Mainland China    163.9             Nov 2000

(3)  Hong Kong         107.5             Dec 2000

(4)  Taiwan            106.7             Dec 2000

(5)  Korea             96.2              Dec 2000

(6)  Germany           86.6              Nov 2000

(7)  Singapore         78.1              Nov 2000

(8)  US                66.6              Dec 2000

(9)  France            64.5              Nov 2000
 
(10) Switzerland       52.3              Nov 2000


Sources: HKMA, Reuters, Website of International Monetary Fund.

Last revision date: 1 August 2011
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