The Hong Kong Monetary Authority (HKMA) announced today (7
December) that the official foreign currency assets of Hong Kong
amounted to US$92.1 billion at the end of November 1999
(end-October: US$90.4 billion) (Table 1).
Including unsettled forward contracts, the foreign currency
assets of Hong Kong at the end of November 1999 stood at US$92.6
billion (end-October: US$90.4 billion).
According to an HKMA spokesperson, the US$1.7 billion increase
in settled foreign currency assets during the month reflects mainly
the conversion into US dollars of part of the proceeds from the
sale of Hong Kong equities through the Tracker Fund.
In terms of foreign currency reserves ranking, Hong Kong is the
world's fifth largest holder of foreign currency reserves after
Japan, Mainland China, Taiwan and Germany (Table
2).
The total foreign currency assets of US$92.1 billion represent
over seven times the currency in circulation or about 38% of Hong
Kong dollar M3, one of the highest ratios in the world.
Hong Kong Monetary Authority
7 December 1999
Table 1
Foreign
Currency Assets of Hong Kong
(US$ billion)
Excluding Including
Unsettled Unsettled Unsettled
FX Contracts FX Contracts FX Contracts
Dec 95 55.4 1.8 57.2
Dec 96 63.8 5.7 69.6
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
May 99 88.9 - 88.9
Jun 99 88.6 - 88.6
Jul 99 89.1 - 89.1
Aug 99 89.2 0.1 89.3
Sep 99 90.4 - 90.4
Oct 99 90.4 - 90.4
Nov 99 92.1 0.5 92.6
Figures for the end of 1995 and 1996 do not include Land Fund
figures. The Land Fund was established on 1 July 1997. For July
1997 to October 1998 inclusive, the foreign currency assets of Hong
Kong were compiled as the aggregate of Exchange Fund and Land Fund
figures. 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 272.0 Nov 1999
(2) China 152.8 Oct 1999
(3) Taiwan 103.5 Nov 1999
(4) Germany 94.1 Oct 1999
(5) Hong Kong 92.1 Nov 1999
(6) Singapore 75.8 Oct 1999
(7) US 73.2 Oct 1999
(8) France 72.1 Oct 1999
(9) Korea 69.7 Nov 1999
(10) Italy 45.8 Oct 1999
Sources: HKMA, Reuters, Deutsche Bundesbank, Monetary Authority
of Singapore, U.S. Department of Treasury, Bank of Italy.
