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$91.8 billion at the end of October 1997, an increase of 4.2% over that at the end of September (US$88.1 billion). Hong Kong has the third largest foreign reserves in the world, after Japan and Mainland China.
As at the end of October, the foreign reserves held in the Exchange Fund were US$74.4 billion (end-September: US$71.4 billion) and those in the Land Fund were US$17.4 billion (end-September: US$16.7 billion).
The increase in foreign currency assets in the Exchange Fund represented capital inflows into Hong Kong in October notwithstanding some shorting of Hong Kong dollars by speculators in the second half of the month, as currency turmoil spread around the region. The increase in foreign currency assets in the Land Fund reflects investment related purchases.
Including outstanding forward transactions, the foreign reserves held in the Exchange Fund and the Land Fund were US$74.8 billion (end-September: US$71.7 billion) and US$17.3 billion (end-September: US$17.1 billion) respectively.
(Tables showing the foreign exchange reserves ranking and the breakdown of the Exchange Fund and Land Fund foreign currency assets are attached.)
Hong Kong Monetary Authority
27 November 1997
|
| Foreign Exchange Reserves Ranking |
| | | US$BN | As at end of |
| (1) |
Japan |
228.2 |
Oct 97 |
| (2) |
China |
134.1 |
Sep 97 |
| (3) |
Hong Kong |
91.8 |
Oct 97 |
| (4) |
Taiwan |
82.9 |
Oct 97 |
| (5) |
Germany |
81.7 |
Sep 97 |
| (6) |
Singapore |
77.4 |
Sep 97 |
| (7) |
Spain |
68.2 |
Sep 97 |
| (8) |
US |
68.1 |
Aug 97 |
| (9) |
Brazil |
61.8 |
Aug 97 |
| (10) |
Italy |
58.1 |
Sep 97 |
Source: HKMA, IMF, Reuters
| Exchange Fund -- Foreign Currency Assets (US$ billion) |
| | Excluding forward transactions | Net forward transactions | Including forward transactions |
| End- Jan 97 |
65.9 |
5.2 |
71.1 |
| End- Feb 97 |
63.8 |
4.3 |
68.1 |
| End- Mar 97 |
63.4 |
4.3 |
67.7 |
| End- Apr 97 |
63.6 |
4.0 |
67.6 |
| End- May 97 |
66.6 |
1.8 |
68.4 |
| End- Jun 97 |
67.6 |
2.1 |
69.7 |
| End- Jul 97 |
66.1 |
2.5 |
68.6 |
| End- Aug 97 |
69.5 |
0.1 |
69.6 |
| End- Sep 97 |
71.4 |
0.3 |
71.7 |
| End- Oct 97 |
74.4 |
0.4 |
74.8 |
| Land Fund -- Foreign Currency Assets (US$ billion) |
| | Excluding forward transactions | Net forward transactions | Including forward transactions |
| End- Jul 97 |
15.6 |
0.1 |
15.7 |
| End- Aug 97 |
15.8 |
0.1 |
15.9 |
| End- Sep 97 |
16.7 |
0.4 |
17.1 |
| End- Oct 97 |
17.4 |
(0.1) |
17.3 |
|
Note: The Land Fund was established on 1 July 1997. Figures prior to that date are therefore not available
