Hong Kong's Latest Foreign Currency Reserve Assets Figures Released

Press Releases

07 Aug 2003

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$112.6 billion at the end of July 2003 (end-June 2003: US$114.4 billion) (Table 1).

Including unsettled forward contracts, the foreign currency reserve assets of Hong Kong at the end of July 2003 also stood at US$112.6 billion (end-June 2003: US$114.2 billion).

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

The total foreign currency reserve assets of US$112.6 billion represent about seven times the currency in circulation or about 43% of Hong Kong dollar M3.

For further enquiries, please contact:

Sylvia Yip, Manager (Press), at 2878 1687 or
Thomas Chan, Senior Manager (Press), at 2878 1480

Hong Kong Monetary Authority
7 August 2003

 

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 August 2003, the scheduled dates for issuing the press releases are as follows:

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

Table 1

Foreign Currency Reserve Assets of Hong Kong

(US$ billion)

Excluding Unsettled
FX Contracts

Unsettled
FX Contracts

Including
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

Dec 00

107.5

-

107.5

Dec 01

111.2

-

111.2

Jan 02

111.3

-

111.3

Feb 02

111.3

-

111.3

Mar 02

110.2

-

110.2

Apr 02

110.9

-

110.9

May 02

111.3

-

111.3

Jun 02

112.4

-

112.4

Jul 02

112.5

-

112.5

Aug 02

112.3

(0.2)

112.1

Sep 02

111.2

-

111.2

Oct 02

110.6

-

110.6

Nov 02

111.0

-

111.0

Dec 02

111.9

-

111.9

Jan 03

115.6

-

115.6

Feb 03

113.7

-

113.7

Mar 03

113.6

-

113.6

Apr 03

114.2

-

114.2

May 03

116.1

-

116.1

Jun 03

114.4

(0.2)

114.2

Jul 03 *

112.6

-

112.6

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.

* The latest monthly figures are preliminary and subject to change.

Table 2

Official Reserves Ranking

US$ billion

As at end of

(1)

Japan

556.8

Jul 2003

(2)

Mainland China

346.5

Jun 2003

(3)

Taiwan

182.2

Jul 2003

(4)

Korea

132.9

Jul 2003

(5)

Hong Kong

112.6

Jul 2003

(6)

Germany

89.6

Jun 2003

(7)

Singapore

86.6

Jun 2003

(8)

India

84.9

Jul 2003

(9)

US

81.8

Jul 2003

(10)

Russia

64.4

Jun 2003

 

Sources : HKMA, Reuters, websites of International Monetary Fund, People's Bank of China

Latest Press Releases
Last revision date : 07 August 2003