The Hong Kong Monetary Authority (HKMA) announced that the
official foreign currency assets of Hong Kong were US$96.4 billion
at the end of May 1998 (end-April: US$96.2 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 May, the foreign currency assets
held in the Exchange Fund were US$77.9 billion (end-April: US$77.7
billion) and the Land Fund were US$18.5 billion (end-April: US$18.5
billion). The total foreign currency assets of US$96.4 billion
represent about eight times the currency in circulation or about
44% 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 US$77.9
billion (end-April: US$77.7 billion) and US$18.5 billion
(end-April: US$18.4 billion) respectively (Tables 2 and 3).
Hong Kong Monetary Authority
25 June 1998
TABLE 1
| Foreign Exchange Reserves
Ranking |
| - |
- |
US$BN |
As at end of |
| (1) |
Japan |
207.0 |
May 1998 |
| (2) |
China |
140.9 |
May 1998 |
| (3) |
Hong Kong |
96.4* |
May 1998 |
| (4) |
Taiwan |
84.0 |
April 1998 |
| (5) |
Germany |
83.8 |
April 1998 |
| (6) |
Singapore |
76.2 |
April 1998 |
| (7) |
US |
71.6 |
April 1998 |
| (8) |
Spain |
68.2 |
April 1998 |
| (9) |
Brazil |
67.3 |
March 1998 |
| (10) |
Italy |
55.9 |
April 1998 |
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 |
End-
April 1998 |
77.7 |
- |
77.7 |
End-
May 1998 |
77.9 |
- |
77.9 |
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 |
End-
April 1998 |
18.5 |
(0.1) |
18.4 |
End-
May 1998 |
18.5 |
- |
18.5 |
