Hong Kong's Latest Foreign Currency Assets Figures Released

The Hong Kong Monetary Authority (HKMA) announced today (7 April) that the official foreign currency assets of Hong Kong amounted to US$93.8 billion at the end of March 2000 (end-February: US$93.1 billion) (Table 1).

Including unsettled forward contracts, the foreign currency assets of Hong Kong at the end of March 2000 stood at US$93.9 billion (end-February: US$93.1 billion).

In terms of foreign currency reserves ranking, Hong Kong is the world's fourth largest holder of foreign currency reserves after Japan, Mainland China and Taiwan (Table 2).

The total foreign currency assets of US$93.8 billion represent over seven times the currency in circulation or about 39% of Hong Kong dollar M3, one of the highest ratios in the world.

Hong Kong Monetary Authority

7 April 2000

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
Dec 99        96.3            -           96.3
Jan 00        94.3         (0.1)          94.2
Feb 00        93.1            -           93.1
Mar 00        93.8          0.1           93.9

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             305.5             Mar 2000

(2)  China             154.7             Dec 1999

(3)  Taiwan            113.0             Mar 2000

(4)  Hong Kong         93.8              Mar 2000

(5)  Germany           90.2              Feb 2000

(6)  Korea             83.7              Mar 2000

(7)  Singapore         74.4              Feb 2000

(8)  US                70.9              Mar 2000

(9)  France            69.8              Feb 2000

(10) Italy             44.9              Feb 2000

Sources: HKMA, Reuters, Deutsche Bundesbank, Monetary Authority of Singapore, U.S. Department of Treasury, Bank of Italy.