Hong Kong’s FX falls to $299.9 billion

First time it’s below the $300 billion level.

The Hong Kong Monetary Authority said the total FX value for July was the lowest since August 2012, and down from June’s figure of $303.5 billion.

During the second part of 2012 and first six months of this year, Hong Kong’s FX reserve assets increased to well over $300 billion, peaking at the end of the year at $317.3 billion.

This year, a consistent bank of assets has been maintained at slightly over the $300 billion mark.

There were no unsettled forward contracts during July and the total foreign currency reserve assets of US$299.9 billion represent over seven times the currency in circulation or about 51% of Hong Kong dollar M3. M3 is a measurement used in the jurisdiction to monitor monetary supply.