NEW RELEASE
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Hong Kong's Latest Foreign Currency Assets Figures Released
Foreign currency assets at end-September The Hong Kong Monetary Authority (HKMA) announced today (7 October) that the official foreign currency assets of Hong Kong amounted to US$90.4 billion at the end of September 1999 (end-August: US$89.2 billion) (Table 1). Including unsettled forward contracts, the foreign currency assets of Hong Kong at the end of September 1999 also stood at US$90.4 billion (end-August: US$89.3 billion). According to an HKMA spokesperson, "the US$1.2 billion increase in settled foreign currency assets during the month reflects mainly the valuation effect of foreign currency investments held by the Exchange Fund". 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 Germany (Table 2). The total foreign currency assets of US$90.4 billion represent over seven times the currency in circulation or about 38% of Hong Kong dollar M3, one of the highest ratios in the world. Release calendar The release calendar of foreign currency assets for 2000 is announced below:
Hong Kong Monetary Authority 7 October 1999
Table 1 Foreign Currency Assets of Hong Kong (US$ 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 Figures as at the end of 1995 and 1996 do not include Land Fund figures. The Land Fund was established on 1 July 1997. For July 97 to October 98 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 272.4 Sep 1999 (2) China 148.7 July 1999 (3) Taiwan 101.7 Sep 1999 (4) Germany 92.1 Aug 1999 (5) Hong Kong 90.4 Sep 1999 (6) Singapore 75.9 Aug 1999 (7) US 72.0 Aug 1999 (8) France 69.5 Aug 1999 (9) Korea 64.8 Aug 1999 (10) Italy 43.7 Aug 1999 Sources: HKMA, Reuters, Deutsche Bundesbank, Monetary Authority of Singapore, U.S. Department of Treasury, Bank of Italy.
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