Hong Kong foreign currency reserves dip by US$500mn

Hong Kong’s official foreign currency reserve assets worth US$272.7bn represent 54% of Hong Kong dollar M3.

Hong Kong's official foreign currency reserve assets amounted to US$272.7 billion at the end of February, down US$500 million on the end of January, the Monetary Authority announced on Monday.

There were no unsettled forward contracts as at the end of February nor end of January.

Hong Kong is the world’s ninth largest holder of foreign currency reserves based on the latest published figures, after the Mainland, Japan, Russia, Saudi Arabia, Taiwan, India, Brazil and Korea.

The figure represents about nine times the currency in circulation, or 54% of Hong Kong dollar M3.