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$93.8 billion represent over seven times the currency in circulation or about 39% of Hong Kong dollar M3, one of the highest ratios in the world.
Hong Kong Monetary Authority
7 April 2000
Table 1
(US$ 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
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.
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