The Hong Kong Monetary Authority (HKMA) announced that the official foreign currency assets of Hong Kong amounted to US$89.5 billion at the end of April 1999, unchanged from the end-March position. (Table 1).
Including unsettled forward contracts, the foreign currency assets of Hong Kong at the end of April 1999 also stood at US$89.5 billion (End-March: US$89.5 billion).
Hong Kong remains the world's fourth largest holder of foreign currency reserves after Japan, Mainland China and Taiwan (Table2). The total foreign currency assets of US$89.5 billion represent over seven times the currency circulation or about 40% of Hong Kong dollar M3, one of the highest ratios in the world.
Hong Kong Monetary Authority
7 May 1999
Table 1
Foreign Currency Assets of Hong Kong
(US$ billion)
Excluding Including
Unsettled Unsettled Unsettled
FX Contracts FX Contracts FX Contracts
Mar 95 52.4 (0.2) 52.2
Jun 95 53.6 - 53.6
Sep 95 51.8 2.8 54.6
Dec 95 55.4 1.8 57.2
Mar 96 58.1 1.7 59.8
Jun 96 57.3 2.7 60.0
Sep 96 55.4 6.7 62.1
Dec 96 63.8 5.7 69.6
Jan 97 65.9 5.2 71.1
Feb 97 63.8 4.3 68.1
Mar 97 63.4 4.3 67.7
Apr 97 63.6 4.0 67.6
May 97 66.6 1.8 68.4
Jun 97 67.6 2.1 69.7
Jul 97* 81.7 2.6 84.3
Aug 97 85.3 0.2 85.5
Sep 97 88.1 0.7 88.8
Oct 97 91.4 0.3 91.7
Nov 97 96.5 0.4 96.9
Dec 97 92.8 0.4 93.2
Jan 98 98.1 - 98.1
Feb 98 96.7 - 96.7
Mar 98 96.8 0.1 96.9
Apr 98 96.2 (0.1) 96.1
May 98 96.4 - 96.4
Jun 98 96.5 - 96.5
Jul 98 96.5 (0.5) 96.0
Aug 98 92.1 (4.5) 87.6
Sep 98 88.4 (0.2) 88.2
Oct 98 88.7 (0.2) 88.5
Nov 98# 88.6 - 88.6
Dec 98 89.6 - 89.6
Jan 99 90.1 - 90.1
Feb 99 89.8 - 89.8
Mar 99 89.5 - 89.5
Apr 99 89.5 - 89.5
* 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$ billion As at end of
(1) Japan 223.1 Apr 1999
(2) China 146.6 Mar 1999
(3) Taiwan 95.1 Apr 1999
(4) Hong Kong 89.5 Apr 1999
(5) US 82.4 Jan 1999
(6) Singapore 71.8 Mar 1999
(7) France 68.5 Mar 1999
(8) Germany 68.2 Jan 1999
(9) Korea 59.3 Apr 1999
(10) Spain 49.5 Mar 1999
Sources: HKMA, IMF, Reuters and Singapore Department of Statistics
