The Hong Kong Monetary Authority (HKMA) announced that the
official foreign currency assets of Hong Kong were US$88.6 billion
at the end of November 1998, virtually unchanged from end-October's
US$88.7 billion. Including unsettled forward contracts, the foreign
currency assets of Hong Kong were also US$88.6 billion
(End-October: US$88.5 billion) (Table
1).
In terms of foreign currency reserves ranking, Hong Kong remains
the third largest in the world, after Japan and Mainland China (Table 2). The total foreign
currency assets of US$88.6 billion represent over seven times the
currency in circulation or about 40% of Hong Kong dollar M3, one of
the highest ratios in the world.
In November, the Hong Kong Special Administrative Region
Government announced the merger of the assets of the Land Fund into
the Exchange Fund at a consideration based on the market value as
at 31 October 1998. Henceforth, the announcement of the foreign
currency figure will be on a consolidated basis using the assets of
the enlarged Exchange Fund.
Hong Kong Monetary Authority
17 December 1998
TABLE 1
| Exchange Fund -- Foreign Currency Assets of Hong
Kong (US$ billion) |
|
|
|
| . |
Excluding Unsettled FX Contracts |
Unsettled FX Contracts |
Including Unsettled FX Contracts |
| March 95 |
52.4 |
(0.2) |
52.2 |
| June 95 |
53.6 |
- |
53.6 |
| September 95 |
51.8 |
2.8 |
54.6 |
| December 95 |
55.4 |
1.8 |
57.2 |
| March 1996 |
58.1 |
1.7 |
59.8 |
| June 96 |
57.3 |
2.7 |
60.0 |
| September 96 |
55.4 |
6.7 |
62.1 |
| December 96 |
63.8 |
5.7 |
69.9 |
| February 1997 |
63.8 |
4.3 |
68.1 |
| March 1997 |
63.4 |
4.3 |
67.7 |
| April 1997 |
63.6 |
4.0 |
67.6 |
| May 1997 |
66.6 |
1.8 |
68.4 |
| June 1997 |
67.6 |
2.1 |
69.7 |
| July 1997 * |
81.7 |
2.6 |
84.3 |
| August 1997 |
85.3 |
0.2 |
85.5 |
| September 1997 |
88.1 |
0.7 |
88.8 |
| October 1997 |
91.4 |
0.3 |
91.7 |
| November 1997 |
96.5 |
0.4 |
96.9 |
| December 1997 |
92.8 |
0.4 |
93.2 |
| January 1998 |
98.1 |
- |
98.1 |
| February 1998 |
96.7 |
- |
96.7 |
| March 1998 |
96.8 |
0.1 |
96.9 |
| April 1998 |
96.2 |
(0.1) |
96.1 |
| May 1998 |
96.4 |
- |
96.4 |
| June 1998 |
96.5 |
- |
96.5 |
| July 1998 |
96.5 |
(0.5) |
96.0 |
| August 1998 |
92.1 |
(4.5) |
87.6 |
| September 1998 |
88.4 |
(0.2) |
88.2 |
| October 1998 |
88.7 |
(0.2) |
88.5 |
| November 1998 # |
88.6 |
- |
88.6 |
* For July 97 to October 98 inclusive, the figures
reflect the aggregate of Exchange Fund and Land Fund figures.
Figures for June 97 and prior months reflect the Exchange Fund's
figures only. The Land Fund was established on 1 July 1997. Figures
for the Land Fund prior to that date are therefore not
available.
# In November 1998, the assets of the Land Fund were
merged into the Exchange Fund.
TABLE 2
| Foreign Currency Reserves
Ranking |
|
|
|
| - |
- |
US$BN |
As at end of |
| (1) |
Japan |
214.7 |
Nov 1998 |
| (2) |
China |
143.7 |
Oct 1998 |
| (3) |
Hong Kong |
88.6 |
Nov 1998 |
| (4) |
Taiwan |
88.1 |
Nov 1998 |
| (5) |
Germany |
85.6 |
Oct 1998 |
| (6) |
US |
81.0 |
Oct 1998 |
| (7) |
Singapore |
76.1 |
Oct 1998 |
| (8) |
Spain |
71.3 |
Oct 1998 |
| (9) |
Korea |
48.8 |
Oct 1998 |
| (10) |
France |
46.8 |
Oct 1998 |
Source: HKMA, IMF, Reuters
