Hong Kong's Latest Foreign Currency Reserve Assets Figures Released

Press Releases

09 Feb 2004

Hong Kong's Latest Foreign Currency Reserve Assets Figures Released

The Hong Kong Monetary Authority (HKMA) announced today (Monday) that the official foreign currency reserve assets of Hong Kong amounted to US$123.6 billion at the end of January 2004 (end-December 2003: US$118.4 billion) (Table 1).

According to an HKMA spokesperson, the US$5.2 billion increase in settled foreign currency assets in the month of January was mainly due to the purchase of foreign currencies with Hong Kong dollars and an increase in Certificates of Indebtedness, the latter reflecting the seasonal demand for banknotes around the Lunar New Year.

Including unsettled forward contracts, the foreign currency reserve assets of Hong Kong at the end of January 2004 also stood at US$123.6 billion (end-December 2003: US$118.9 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$123.6 billion represent over six times the currency in circulation or about 45% of Hong Kong dollar M3.

For further enquiries, please contact:

Jasmin Fung, Manager (Press), at 2878 8246 or
Kevin Ip, Manager (Press), at 2878 1687

Hong Kong Monetary Authority
9 February 2004

 

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 February 2004, the scheduled dates for issuing the press releases are as follows:

9 February

SDDS International Reserves (Hong Kong's Latest Foreign Currency Reserve Assets Figures)

16 February

SDDS Analytical Accounts of the Central Bank (Exchange Fund Balance Sheet Data)

27 February

Exchange Fund Abridged Balance Sheet and Currency Board Account

27 February

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

Aug 03

111.8

(0.4)

111.4

Sep 03

112.1

-

112.1

Oct 03

112.4

-

112.4

Nov 03

114.1

-

114.1

Dec 03

118.4

0.5

118.9

Jan 04 *

123.6

-

123.6

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

741.2

Jan 2004

(2)

Mainland China

403.3

Dec 2003

(3)

Taiwan

214.9

Jan 2004

(4)

Korea

157.5

Jan 2004

(5)

Hong Kong

123.6

Jan 2004

(6)

India

105.0

Jan 2004

(7)

Singapore

98.6

Jan 2004

(8)

Germany

96.8

Jan 2004

(9)

US

85.4

Jan 2004

(10)

Russia

84.0

Jan 2004

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

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Last revision date : 09 February 2004