The Hong Kong Monetary Authority (HKMA) announced that the
official foreign currency assets of Hong Kong at US$96.5 billion at
the end of July 1998 were the same as at the end-June 1998. 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 July, the foreign currency assets
held in the Exchange Fund were US$77.8 billion (end-June: US$77.9
billion) and in the Land Fund were US$18.7 billion (end-June:
US$18.6 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$77.3
billion (end-June: US$77.9 billion) and US$18.7 billion (end-June:
US$18.6 billion) respectively (Tables 2
and 3).
Hong Kong Monetary Authority
1 September 1998
TABLE 1
| Foreign Exchange Reserves
Ranking |
| - |
- |
US$BN |
As at end of |
| (1) |
Japan |
207.5 |
July 1998 |
| (2) |
China |
140.6 |
July 1998 |
| (3) |
Hong Kong |
96.5* |
July 1998 |
| (4) |
Germany |
84.2 |
June 1998 |
| (5) |
Taiwan |
83.6 |
July 1998 |
| (6) |
US |
72.3 |
June 1998 |
| (7) |
Brazil |
71.5 |
May 1998 |
| (8) |
Singapore |
71.0 |
June 1998 |
| (9) |
Spain |
67.9 |
June 1998 |
| (10) |
Italy |
49.8 |
June 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-
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 |
End-
July 1998 |
77.8 |
(0.5)* |
77.3 |
* This arises from "spot" transactions done at the end
of July for settlement at the beginning of August.
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 |
End-
July 1998 |
18.7 |
- |
18.7 |
Note: The Land Fund was established on 1 July 1997.
Figures prior to that date are therefore not available
