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Press Releases

Hong Kong's Latest Foreign Currency Reserve Assets Figures Released

The Hong Kong Monetary Authority (HKMA) announced today (Thursday) that the official foreign currency reserve assets of Hong Kong amounted to US$114.7 billion at the end of May 2001, down slightly from US$115.1 billion at the end of April reflecting primarily a reduction in currency notes outstanding. At the end of April, currency note issuance increased during the month-end holiday weekend. (Table 1).

Including unsettled forward contracts, the foreign currency reserve assets of Hong Kong at the end of May 2001 also stood at US$114.7 billion (end-April 2001: US$115.1 billion).

In terms of foreign currency reserves ranking, Hong Kong is 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$114.7 billion represent over eight times the currency in circulation or about 45% 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
Thomas Chan, Senior Manager (Press), at 2878 1480

Hong Kong Monetary Authority
7 June 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 June 2001, the scheduled dates for issuing the press releases are as follows:

7 June SDDS International Reserves (Hong Kong's Latest Foreign Currency Reserve Assets Figures)
14 June SDDS Analytical Accounts of the Central Bank (Exchange Fund Balance Sheet Data)
29 June Exchange Fund Abridged Balance Sheet and Currency Board Account
29 June SDDS Template on International Reserves and Foreign Currency Liquidity

Table 1

Foreign Currency Reserve Assets of Hong Kong
(US$ billion)

Excluding
Unsettled
FX Contracts
Including
Unsettled
FX Contracts
Unsettled
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
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
Jan 01 111.5 - 111.5
Feb 01 114.3 - 114.3
Mar 01 114.6 - 114.6
Apr 01 115.1 - 115.1
May 01 114.7 - 114.7

 

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 361.9 May 2001
(2) Mainland China 175.8 Mar 2001
(3) Hong Kong 114.7 May 2001
(4) Taiwan 110.6 May 2001
(5) Korea 93.6 May 2001
(6) Germany 81.5 Apr 2001
(7) Singapore 76.8 Apr 2001
(8) US 64.9 May 2001
(9) France 61.0 Apr 2001
(10) Switzerland 50.8 Apr 2001

 

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

Last revision date: 4 August 2011
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