The Hong Kong Monetary Authority (HKMA) announced that the
official foreign currency assets of Hong Kong were US$96.5 billion
at the end of June 1998 (end-May: US$96.4 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 June, the foreign currency assets held in the Exchange Fund
were US$77.9 billion (end-May: US$77.9 billion) and the Land Fund
were US$18.6 billion (end-May: US$18.5 billion). The total foreign
currency assets of US$96.5 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-May: US$77.9 billion)
and US$18.6 billion (end-May: US$18.5 billion) respectively (Tables 2 and 3).
Hong Kong Monetary Authority
23 July 1998
TABLE 1
| Foreign Exchange Reserves
Ranking |
| - |
- |
US$BN |
As at end of |
| (1) |
Japan |
205.9 |
June 1998 |
| (2) |
China |
140.5 |
June 1998 |
| (3) |
Hong Kong |
96.5* |
June 1998 |
| (4) |
Taiwan |
84.4 |
May 1998 |
| (5) |
Germany |
84.3 |
May 1998 |
| (6) |
Brazil |
73.4 |
April 1998 |
| (7) |
Singapore |
72.0 |
May 1998 |
| (8) |
US |
71.9 |
May 1998 |
| (9) |
Spain |
68.4 |
May 1998 |
| (10) |
Italy |
52.6 |
May 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-
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 |
End-
June 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 |
End-
June 1998 |
18.6 |
- |
18.6 |
Note: The Land Fund was established on 1 July 1997.
Figures prior to that date are therefore not available
