The Hong Kong Monetary Authority (HKMA) announced today (8 May) that the official foreign currency reserve assets of Hong Kong amounted to US$93.9 billion at the end of April 2000 (end-March: US$93.8 billion) (Table 1).
Including unsettled forward contracts, the foreign currency reserve assets of Hong Kong at the end of April 2000 stood at US$94.2 billion (end-March: US$93.9 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 reserve assets of US$93.9 billion represent over seven times the currency in circulation or about 38% of Hong Kong dollar M3, one of the highest ratios in the world.
As part of its on-going effort to increase transparency, the HKMA will publish monthly a Template on International Reserves and Foreign Currency Liquidity ("the Template") in accordance with the International Monetary Fund's Special Data Dissemination Standard (SDDS). Hong Kong is a subscriber to the SDDS. The Template will provide data on the major components of Hong Kong's foreign currency reserve assets. The first of such templates, as at end-April 2000, will be published on 31 May 2000.
Hong Kong Monetary Authority
8 May 2000
Table 1
Foreign Currency Reserve Assets of Hong Kong
(US$ 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
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
Apr 00 93.9 0.3 94.2
Figures for the end of 1995 and 1996 do not include Land Fund figures. The Land Fund was established on 1 July 1997 and its foreign currency reserve assets were included thereafter in the above compilation. The assets of the Land Fund were merged into the Exchange Fund in November 1998.
Table 2
Foreign Currency Reserves Ranking
US$ billion As at end of
(1) Japan 305.5 Mar 2000
(2) China 156.8 Mar 2000
(3) Taiwan 113.7 Apr 2000
(4) Hong Kong 93.9 Apr 2000
(5) Germany 92.6 Mar 2000
(6) Korea 84.6 Apr 2000
(7) Singapore 74.7 Mar 2000
(8) France 69.2 Mar 2000
(9) US 66.8 Apr 2000
(10) Italy 47.2 Mar 2000
Sources: HKMA, Reuters, Deutsche Bundesbank, Monetary Authority of Singapore, U.S. Department of Treasury, Bank of Italy.
