Latest Foreign Reserves Figures Released

The Hong Kong Monetary Authority (HKMA) announced that the official foreign exchange reserves of Hong Kong, including those held in the Land Fund, were US$88.1 billion at the end of September 1997, an increase of 3.3% from that of end-August (US$85.3 billion). Hong Kong is now the world's third largest holder of foreign reserves after Japan and Mainland China.

The increase in foreign reserves represented mainly an increase in the foreign currency component of the Exchange Fund and the Land Fund.

As at end of September, the foreign reserves held in the Exchange Fund were US$71.4 billion (end-August: US$69.5 billion) and those in the Land Fund were US$16.7 billion (end-August: US$15.8 billion).

Including outstanding forward transactions, the foreign reserves held in the Exchange Fund and the Land Fund were US$71.7 billion (end-August: US$69.6 billion) and US$17.1 billion (end-August: US$15.9 billion) respectively.

Hong Kong Monetary Authority

23 October 1997