The Hong Kong Monetary Authority (HKMA) announced that the
official foreign currency assets of Hong Kong were US$96.8 billion
at the end of March 1998 showing a small (US$0.1 billion) increase
from a month ago (end-February: US$96.7 billion). In terms of
foreign currency reserves ranking, Hong Kong remains the third
largest in the world, after Japan and Mainland China. (Table 1)
The foreign currency assets are held in the Exchange Fund and
the Land Fund. As at the end of March, the foreign currency assets
held in the Exchange Fund were US$78.5 billion (end-February:
US$78.6 billion) and the Land Fund were US$18.3 billion
(end-February: US$18.1 billion). The total foreign currency assets
of US$96.8 billion represent about eight times the currency in
circulation or about 45% of Hong Kong dollar M3, one of the highest
ratios in the world.
Including outstanding forward transactions, the foreign currency
assets held in the Exchange Fund and the Land Fund were also
US$78.6 billion (same as end-February) and US$18.3 billion
(end-January: US$18.1 billion) respectively (Tables 2 and 3).
Hong Kong Monetary Authority
23 April 1998
TABLE 1
| Foreign Exchange Reserves Ranking |
|
|
|
| - |
- |
US$BN |
As at end of |
| (1) |
Japan |
223.6 |
March 1998 |
| (2) |
China |
140.6 |
February 1998 |
| (3) |
Hong Kong |
96.8* |
March 1998 |
| (4) |
Taiwan |
84.0 |
February 1998 |
| (5) |
Germany |
82.2 |
February 1998 |
| (6) |
Singapore |
74.1 |
February 1998 |
| (7) |
US |
71.3 |
January 1998 |
| (8) |
Spain |
69.0 |
February 1998 |
| (9) |
Italy |
57.8 |
February 1998 |
| (10) |
Brazil |
51.0 |
December 1997 |
Source: HKMA, IMF,
Reuters
* Detailed breakdown at Tables 2 and 3
TABLE 2
| Exchange Fund -- Foreign Currency Reserves (US$
billion) |
|
|
|
| . |
Excluding forward transactions |
Net forward transactions |
Including forward transactions |
End-
January 1997 |
65.9 |
5.2 |
71.1 |
End-
Februrary 1997 |
63.8 |
4.3 |
68.1 |
End-
March 1997 |
63.4 |
4.3 |
67.7 |
End-
April 1997 |
63.6 |
4.0 |
67.6 |
End-
May 1997 |
66.6 |
1.8 |
68.4 |
End-
June 1997 |
67.6 |
2.1 |
69.7 |
End-
July 1997 |
66.1 |
2.5 |
68.6 |
End-
August 1997 |
69.5 |
0.1 |
69.6 |
End-
September 1997 |
71.4 |
0.3 |
71.7 |
End-
October 1997 |
74.0 |
0.4 |
74.4 |
End-
November 1997 |
79.1 |
0.4 |
79.5 |
End-
December 1997 |
75.3 |
0.3 |
75.6 |
End-
January 1998 |
80.3 |
- |
80.3 |
End-
February 1998 |
78.6 |
- |
78.6 |
End-
March 1998 |
78.5 |
0.1 |
78.6 |
TABLE 3
| Land Fund -- Foreign Currency Reserves (US$
billion) |
|
|
|
| . |
Excluding forward transactions |
Net forward transactions |
Including forward transactions |
End-
July 1997 |
15.6 |
0.1 |
15.7 |
End-
August 1997 |
15.8 |
0.1 |
15.9 |
End-
September 1997 |
16.7 |
0.4 |
17.1 |
End-
October 1997 |
17.4 |
(0.1) |
17.3 |
End-
November 1997 |
17.4 |
0 |
17.4 |
End-
December 1997 |
17.5 |
0.1 |
17.6 |
End-
January 1998 |
17.8 |
- |
17.8 |
End-
February 1998 |
18.1 |
- |
18.1 |
End-
March 1998 |
18.3 |
- |
18.3 |
