The Hong Kong Monetary Authority (HKMA) announced today (Tuesday) that the official foreign currency reserve assets of Hong Kong amounted to US$111.9 billion at the end of December 2002 (end-November 2002: US$111.0 billion) (Table 1).
Including unsettled forward contracts, the foreign currency reserve assets of Hong Kong at the end of December 2002 also stood at US$111.9 billion (end-November 2002: US$111.0 billion).
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 Korea (Table 2).
The total foreign currency reserve assets of US$111.9 billion represent over seven times the currency in circulation or about 43% of Hong Kong dollar M3, one of the highest ratios in the world.
For further enquiries, please contact:
Jasmin Fung, Manager (Press), at 2878 8246 or
Thomas Chan, Senior Manager (Press), at 2878 1480
Hong Kong Monetary Authority
7 January 2003
At present, four press releases relating to the Exchange Fund's data are issued by the HKMA each month. Three of these releases are issued to disseminate monetary data in accordance with the International Monetary Fund's Special Data Dissemination Standard (SDDS). The fourth press release, on the Exchange Fund's Abridged Balance Sheet and Currency Board Account, is made in accordance with the HKMA's policy of maintaining a high level of transparency. For the month of January 2003, the scheduled dates for issuing the press releases are as follows:
7 January | SDDS International Reserves (Hong Kong's Latest Foreign Currency Reserve Assets Figures) |
14 January | SDDS Analytical Accounts of the Central Bank (Exchange Fund Balance Sheet Data) |
30 January | Exchange Fund Abridged Balance Sheet and Currency Board Account |
30 January | SDDS Template on International Reserves and Foreign Currency Liquidity |
Foreign Currency Reserve Assets of Hong Kong
(US$ billion)
Excluding Unsettled |
Unsettled |
Including |
|
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 |
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 |
Jun 01 |
114.1 |
- |
114.1 |
Jul 01 |
114.6 |
- |
114.6 |
Aug 01 |
113.7 |
- |
113.7 |
Sep 01 |
113.4 |
- |
113.4 |
Oct 01 |
113.1 |
- |
113.1 |
Nov 01 |
112.3 |
- |
112.3 |
Dec 01 |
111.2 |
- |
111.2 |
Jan 02 |
111.3 |
- |
111.3 |
Feb 02 |
111.3 |
- |
111.3 |
Mar 02 |
110.2 |
- |
110.2 |
Apr 02 |
110.9 |
- |
110.9 |
May 02 |
111.3 |
- |
111.3 |
Jun 02 |
112.4 |
- |
112.4 |
Jul 02 |
112.5 |
- |
112.5 |
Aug 02 |
112.3 |
(0.2) |
112.1 |
Sep 02 |
111.2 |
- |
111.2 |
Oct 02 |
110.6 |
- |
110.6 |
Nov 02 |
111.0 |
- |
111.0 |
Dec 02 |
111.9 |
- |
111.9 |
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.
Official Reserves Ranking
US$ billion |
As at end of |
||
(1) |
Japan |
460.5 |
Nov 2002 |
(2) |
Mainland China |
286.4 |
Dec 2002 |
(3) |
Taiwan |
161.7 |
Dec 2002 |
(4) |
Korea |
121.4 |
Dec 2002 |
(5) |
Hong Kong |
111.9 |
Dec 2002 |
(6) |
Germany |
87.0 |
Nov 2002 |
(7) |
Singapore |
80.2 |
Nov 2002 |
(8) |
US |
77.3 |
Dec 2002 |
(9) |
India |
70.3 |
Dec 2002 |
(10) |
France |
60.0 |
Nov 2002 |
Sources : HKMA, Reuters, websites of International Monetary Fund, People's Bank of China