Foreign Exchange Reserves to be Published Monthly

The Hong Kong Monetary Authority (HKMA) announced today the latest figures on Hong Kong’s foreign reserves held in the Exchange Fund. As at the end of December 1996, Hong Kong’s foreign reserves stood at US$63.8 billion, representing an increase of 15% over the corresponding figure as at the end of 1995 of US$55.4 billion.

On this basis, Hong Kong has maintained its seventh position in the world ranking of foreign reserves holdings.

Including forward transactions to be settled, Hong Kong’s foreign reserves at the end of 1996 were US$69.6 billion, 22% higher than the US$57.2 billion recorded for the end of 1995.

All these figures do not include Hong Kong’s foreign reserves held in the Land Fund.

The HKMA also announced that figures on foreign reserves held in the Exchange Fund will from now on be released on a monthly basis.

Mr Joseph Yam, Chief Executive of the HKMA said: “this is part of our on-going effort to increase transparency in our operations. Monthly disclosure of our foreign reserves is in line with the practice of major economies and is a recommendation of the International Monetary Fund. We have come a long way in the last few years. We only started releasing figures on the Exchange Fund in 1992. Since then, the HKMA has progressed from annual to half-yearly, quarterly and now to monthly release of figures on foreign reserves”.

Hong Kong Monetary Authority
24 January 1997

Foreign Reserves Ranking

Sources: IMF, HKMA

Exchange Fund Foreign Currency Assets