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Hong Kong's Latest Foreign Currency Assets Figures Released
The Hong Kong Monetary Authority (HKMA) announced today (8 November) that the official foreign currency assets of Hong Kong amounted to US$90.4 billion at the end of October 1999, unchanged from the end-September position (Table 1). Including unsettled forward contracts, the foreign currency assets of Hong Kong at the end of October 1999 also stood at US$90.4 billion (end-September: US$90.4 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 Germany (Table 2). The total foreign currency assets of US$90.4 billion represent over seven times the currency in circulation or about 38% of Hong Kong dollar M3, which is one of the highest ratios in the world.
Hong Kong Monetary Authority 8 November 1999 Foreign Currency Assets of Hong Kong (US$ 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 Oct 99 90.4 - 90.4 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 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. Foreign Currency Reserves Ranking US$ billion As at end of (1) Japan 272.8 Oct 1999 (2) China 151.5 Sep 1999 (3) Taiwan 102.7 Oct 1999 (4) Germany 95.2 Sep 1999 (5) Hong Kong 90.4 Oct 1999 (6) Singapore 76.4 Sep 1999 (7) US 73.5 Sep 1999 (8) France 72.9 Sep 1999 (9) Korea 66.2 Oct 1999 (10) Italy 46.4 Sep 1999 Sources: HKMA, Reuters, Deutsche Bundesbank, Monetary Authority of Singapore, U.S. Department of Treasury, Bank of Italy.
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