The Hong Kong Monetary Authority (HKMA) announced today (Tuesday) that the official foreign currency reserve assets of Hong Kong amounted to US$121.5 billion at the end of November 2004 (end-October 2004: US$119.5 billion) (Table 1).
Including unsettled forward contracts, the foreign currency reserve assets of Hong Kong at the end of November 2004 also stood at US$121.5 billion (end-October 2004: US$120.0 billion).
In terms of foreign currency reserves ranking, Hong Kong is the world's sixth largest holder of foreign currency reserves, after Japan, Mainland China, Taiwan, Korea and India (Table 2).
The total foreign currency reserve assets of US$121.5 billion represent over six times the currency in circulation or 44% of Hong Kong dollar M3.
For further enquiries, please contact:
Jasmin Fung, Manager (Press), at 2878 8246 or
Kevin Ip, Manager (Press), at 2878 1687
Hong Kong Monetary Authority
7 December 2004
At present, four press releases relating to the Exchange Fund's data are issued by the HKMA each month. Three of these releases are issued to disseminate monetary data in accordance with the International Monetary Fund's Special Data Dissemination Standard (SDDS). The fourth press release, on the Exchange Fund's Abridged Balance Sheet and Currency Board Account, is made in accordance with the HKMA's policy of maintaining a high level of transparency. For the month of December 2004, the scheduled dates for issuing the press releases are as follows:
7 December | SDDS International Reserves (Hong Kong's Latest Foreign Currency Reserve Assets Figures) |
14 December | SDDS Analytical Accounts of the Central Bank (Exchange Fund Balance Sheet Data) |
24 December | Exchange Fund Abridged Balance Sheet and Currency Board Account |
31 December | SDDS Template on International Reserves and Foreign Currency Liquidity |
Foreign Currency Reserve Assets of Hong Kong
(US$ billion)
Excluding Unsettled |
Unsettled |
Including |
|
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 |
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 |
Feb 04 |
123.5 |
- |
123.5 |
Mar 04 |
123.8 |
- |
123.8 |
Apr 04 |
122.1 |
- |
122.1 |
May 04 |
120.1 |
- |
120.1 |
Jun 04 |
120.8 |
- |
120.8 |
Ju1 04 |
118.3 |
- |
118.3 |
Aug 04 |
118.5 |
- |
118.5 |
Sep 04 |
118.4 |
- |
118.4 |
Oct 04 |
119.5 |
0.5 |
120.0 |
Nov 04* |
121.5 |
- |
121.5 |
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.
* The latest monthly figures are preliminary and subject to change.
Official Reserves Ranking
US$ billion |
At end of |
||
(1) |
Japan |
840.1 |
Nov 2004 |
(2) |
Mainland China |
514.5 |
Sep 2004 |
(3) |
Taiwan |
239.1 |
Nov 2004 |
(4) |
Korea |
192.6 |
Nov 2004 |
(5) |
India |
126.9 |
Nov 2004 |
(6) |
Hong Kong |
121.5 |
Nov 2004 |
(7) |
Russia |
117.1 |
Nov 2004 |
(8) |
Singapore |
105.8 |
Oct 2004 |
(9) |
Germany |
94.7 |
Oct 2004 |
(10) |
US |
85.9 |
Nov 2004 |
Sources : HKMA, Reuters, websites of International Monetary Fund, People's Bank of China