The Hong Kong Monetary Authority (HKMA) announced today (Thursday) that the official foreign currency reserve assets of Hong Kong amounted to US$114.7 billion at the end of May 2001, down slightly from US$115.1 billion at the end of April reflecting primarily a reduction in currency notes outstanding. At the end of April, currency note issuance increased during the month-end holiday weekend. (Table 1).
Including unsettled forward contracts, the foreign currency reserve assets of Hong Kong at the end of May 2001 also stood at US$114.7 billion (end-April 2001: US$115.1 billion).
In terms of foreign currency reserves ranking, Hong Kong is the world's third largest holder of foreign currency reserves, after Japan and Mainland China (Table 2).
The total foreign currency reserve assets of US$114.7 billion represent over eight times the currency in circulation or about 45% of Hong Kong dollar M3, one of the highest ratios in the world.
For further enquiries, please contact:
Jasmin Fung, Manager (Press), at 2878 8246 or
Thomas Chan, Senior Manager (Press), at 2878 1480
Hong Kong Monetary Authority
7 June 2001
At present, four press releases relating to the Exchange Fund's data are issued by the HKMA each month. Three of these releases are issued to disseminate monetary data in accordance with the International Monetary Fund's Special Data Dissemination Standard (SDDS). The fourth press release, on the Exchange Fund's Abridged Balance Sheet and Currency Board Account, is made in accordance with the HKMA's policy of maintaining a high level of transparency. For the month of June 2001, the scheduled dates for issuing the press releases are as follows:
| 7 June |
SDDS International Reserves (Hong Kong's Latest Foreign Currency Reserve Assets Figures) |
| 14 June |
SDDS Analytical Accounts of the Central Bank (Exchange Fund Balance Sheet Data) |
| 29 June |
Exchange Fund Abridged Balance Sheet and Currency Board Account |
| 29 June |
SDDS Template on International Reserves and Foreign Currency Liquidity |
Table 1
Foreign Currency Reserve Assets of Hong Kong
(US$ billion)
|
Excluding
Unsettled
FX Contracts |
Including
Unsettled
FX Contracts |
Unsettled
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 |
| 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 |
| May 00 |
95.2 |
0.2 |
95.4 |
| Jun 00 |
97.1 |
- |
97.1 |
| Jul 00 |
98.9 |
- |
98.9 |
| Aug 00 |
100.4 |
(0.3) |
100.1 |
| Sep 00 |
101.5 |
0.2 |
101.7 |
| Oct 00 |
102.7 |
- |
102.7 |
| Nov 00 |
104.2 |
- |
104.2 |
| Dec 00 |
107.5 |
- |
107.5 |
| Jan 01 |
111.5 |
- |
111.5 |
| Feb 01 |
114.3 |
- |
114.3 |
| Mar 01 |
114.6 |
- |
114.6 |
| Apr 01 |
115.1 |
- |
115.1 |
| May 01 |
114.7 |
- |
114.7 |
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 |
361.9 |
May 2001 |
| (2) Mainland China |
175.8 |
Mar 2001 |
| (3) Hong Kong |
114.7 |
May 2001 |
| (4) Taiwan |
110.6 |
May 2001 |
| (5) Korea |
93.6 |
May 2001 |
| (6) Germany |
81.5 |
Apr 2001 |
| (7) Singapore |
76.8 |
Apr 2001 |
| (8) US |
64.9 |
May 2001 |
| (9) France |
61.0 |
Apr 2001 |
| (10) Switzerland |
50.8 |
Apr 2001 |
Sources: HKMA, Reuters, Website of International Monetary Fund.
