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$96.5 billion at the end of November 1997, an increase of 5.6% over that at the end of October (US$91.4 billion). Hong Kong remains the third largest foreign reserves holder in the world, after Japan and Mainland China.
As at the end of November, the foreign reserves held in the Exchange Fund were US$79.1 billion (end-October: US$74.0 billion) and those in the Land Fund were US$17.4 billion (end-October: US$17.4 billion).
The increase in foreign currency assets in the Exchange Fund was due primarily to the continued increase in the Fiscal Reserves Account and a corresponding increase in holding of US dollar assets. There was no major change in weighting of foreign currency assets of the Land Fund during the month of November.
Including outstanding forward transactions, the foreign reserves held in the Exchange Fund and the Land Fund were US$79.5 billion (end-October: US$74.4 billion) and US$17.4 billion (end-October: US$17.3 billion) respectively.
(Tables showing the foreign currency reserves ranking and the breakdown of the Exchange Fund and Land Fund foreign currency reserves are attached.)
Hong Kong Monetary Authority
22 December 1997
| Foreign Exchange Reserves Ranking |
| | | US$BN | As at end of |
| (1) |
Japan |
228.2 |
Oct 97 |
| (2) |
China |
134.1 |
Sep 97 |
| (3) |
Hong Kong |
96.5 |
Nov 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 Reserves (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 |
74.0* |
0.4 |
74.4* |
| End- Nov 97 |
79.1 |
0.4 |
79.5 |
* The end-October figures have been adjusted to exclude the US$400 million loan extended to Thailand as part of Hong Kong's US$1 billion commitment under the IMF-led financing package.
| Land Fund -- Foreign Currency Reserves (US$ 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 |
| End- Nov 97 |
17.4 |
0 |
17.4 |
|
Note: The Land Fund was established on 1 July 1997. Figures prior to that date are therefore not available
